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A scaled down or abbrev. version of an 1930's Depression Era Term., "Woody Toot Toot!" an exclamation of joy or satified contentment over another or condition where the exclaimer is sounding their own horn or displaying happiness. See ego.
The phrase has dwindel over the years but has found resurgence in it current form for net/game phrasing.
Woot!, They didn't see me coming, I pwned!
woot by Wordman April 23, 2004
A term used to express joy in something or when you are a loser who plays games too much. Usually typed with zero's instead of O's
"Gavin scored 99/100 on his test w00t"

"Gavin is a bellend, w00t"

"Matteh is teh w00t!"
woot by Jamie January 6, 2005
Currently most associated with being a interjection for expressing happiness over an event or an achievement.

I would also like to interject on entry #11 that if "woot" was actually a Middle English word, it would have been recorded in the Oxford English Dictionary -which it is not- and would be both documented and placed on a timeline. Since it is not, I would highly advise that others take that statement about as serious as entry #4 unless that user can provide substantial evidence to support that claim.
It's finally Summer, woot!
Woot by _the_raven_1984_ January 12, 2009
The sound an automobile muffler "Whistle Tip" makes, as according to Bubb Rubb.
"The wistles go woot!"
woot by Dazrite Beech October 12, 2004
a word commonly used to show positive emotion to a situation or experiance. Usually followed by and exclamation mark. also w00t or wo0t/w0ot
woot! I just got some ass!
woot! pwned!
woot by Anonymous July 28, 2003
What you say when something cool happens.
WOOT! by Spanky January 7, 2004