a "l337" term, an alternative for the word "loot" describing the prize you obtain for killing a mob or boss in a game.
check this shiznit, i wtfp0wned ragnaros and he dropped some ph4t a$$ lewts!!1one
by Faragord June 23, 2006
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A l33t form of the word "loot".
iM gunNa lewt j00r corpse wh0rez!!%^@151
by Kinetix August 14, 2003
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loot.
money, prize, treasure, good stuff
0mg, i went on a dungeon raid today and got some phat lewt
by batman October 08, 2003
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Phat Lewt = Fat Loot
Fat as in the slang word; Cool/good
Loot as in Items picked ut(looted) from mobs in games, most often mmorpgs
I want phat lewt!
I got phat lewt!
by mriswith February 28, 2006
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someone who was not before, but is now leet. b/c his cal-o team is 3-0. Cant get any leeter i say.
by Anonymous January 26, 2003
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Used primarily in online mmo's, and describes exceptional treasure. Much better than regular lewt, phat lewts are usually rare and powerful items, such as weapons or armor.
w00t! phat lewts!

Man, those purple drops in Molton Core are phat lewt!
by Ted Lach January 08, 2006
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To attain elite equipment in a game by various means.
"d00d! I got PHAT LEWT!"

or

"I want teh PHAT LEWT!!"
by Thran February 13, 2003
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