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Elite speak (1337 5p34k) that expresses joy
I just got a promotion. w00t!
w00t! by UAPercussionPhooker October 19, 2003
Generally used to express a form of joy. The word originated in competitive online gaming as an acronym for "we own other team." The term has since adopted a more general meaning.
w00t we just smashed that team hard.

I got a new car, w00t.
w00t by anonymous June 17, 2005
exclamation of joy, origins much-contested, but definitely pre-dating online games such as Counterstrike and Everquest- oldest usenet post containing such usage is January 08 1996. Said to originate from 133tspeak (which would pre-date that post by several years), an exclamation of 'root!'- meaning someone had achieved root-level access in a Xnix-based system, and thus, had full access.
"I'm required to enter an example! w00t!"
w00t by Will Von Wizzlepig July 16, 2008
W00t is a short expression of joy. In hindsight, reverse engineering has erronoeusly determined that this is an acronym for "we own the other team", but of couse that is patently absurd.
W00t never stood for "we own the other team"
w00t by Bulbous September 1, 2005
originally standing for "We Own (the) Other Team". More commonly used in WoW for victories over bosses or epic /legendary drops in end-game.
Bobbytwink: "We just stomped alli in WSG 3-0!"
twinkedoutwar: "W00T!"
sneakyrogue: "W00t!!!!11"
w00t! by charb September 20, 2006

w00t beer 

Terminology affectionately coined by the online gaming community for the highly caffeinated drink Bawls.
Guy A: ''OMFG we just pwned those n00bs into nubsauce.''
Guy B: ''I need more w00t beer, man, I've been up for two days and i'm crashing BAD lol''
Guy A: ''Fridge. Top shelf. And hurry up, the rounds about to start!''
w00t beer by Mitch42 July 18, 2007