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originally spelled without numbers (WOOT) and was used by D&D players as an abbreviation for "WOW LOOT!"
"w00t (WOOT) i found a bunch of gold pieces after defeating the Dungeon Master in the Dwarf Domain!"
w00t by tardfingers January 4, 2008
Related Words
A common misconception is that w00t stands for "wow loot" or "we owned other team". These are, in fact, bacronyms. w00t originated from the music culture in the early 90s, such as the song "whoot there it is". A more detailed etymology of w00t can be found at its wikipedia entry.

w00t, pronounced to rhyme with boot, is almost universally used as an expression of joy
Letter: We are happy to report you have been accepted to Yale College
You: w00t!
w00t by H-Z July 16, 2008
Originally derived from "woot" (win over opposing team), evolved into (we owned the other team). Then "woot" was bastardized into "w00t" Now can commonly be used as a general expression of happiness.
W00t in a WoW PvP bg, lol n00bs.
w00t by Snommis January 4, 2008
Another way of showing happiness or glee.
w00t by EvanStoler June 14, 2009
An expression of joy and excitement.
Also and acronym for "We Own the Other Team"
Free Ice Cream. w00t!

We'll win, w00t!
w00t by Ansem July 15, 2008
Used within internet relay chat hacker rooms when people would gain root privileged access on *nix systems in the late 90s.
Instead of "I got r00t guys" it was "w00t!!!!!" (Root without the R)
w00t by dewb May 24, 2014