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"Woot" (w00t, wewt) was a term used for the phrase "We owned the other team!". However, it is more commonly used as a sign of happyness. Read below.

Used as an interjection, this word was originated back in the early days of MMO's and games with Online PvP (player vs Player) action. Teams of players (Guilds, Clans, etc.) would go around and fight other players. When and if they would win they would all say "woot" jump around and celebrate.

However that term is now obsolete. The way it is more commonly used is still as an interjection, but it now stands for "Awsome!" or "Yay!". This may happen when something good happens to a player such as getting good loot or leveling up in a game such as World of Warcraft or MU.
Way 1:
"Dude... lets kill these guys"
*Start Fighting
"Woot we won!"

Way 2:
*Is fighting monster
"WOOT I GOT THE SWORD I WAS LOOKING FOR!!!"
"Grats"
woot by Jon WS December 25, 2007
Related Words
Woot! I got a 100% on that math test.
Woot by Tom November 19, 2002
Actually, the word woot is much older than EQ or 80s hacker lingo. It is a middle english word meaning "know" or "knew."
Verrily, Sir Nag. I woot his uncle, Barnabas.
woot by turdferguson May 13, 2003
(especially in electronic communication) used to express elation, enthusiasm, or triumph.

Origin:
1990s: origin uncertain
I definitely get Fridays off, woot!

(Came directly from Oxford, wtf)
Woot by The Grim Sleeper May 11, 2011
meaning hurray...somethng has gone right and you must express it with a soundeffect...
woot!! by tasha September 26, 2004
1. An expression of extreme happiness, usually used among computer users.

2. A greeting, used for close friends or people you have been expecting.
1. Double kill! WOOT!

2. When the person you are awaiting appears, it is customary to offer a long "WOOOOOOOOOOOOOOOOOOOOT!" The only appropriate response to said Woot is two short, emphatic "WOOT WOOT!"
woot by Mustiado February 1, 2004