a "l337" term, an alternative for the word "loot" describing the prize you obtain for killing a mob or boss in a game.

A l33t form of the word "loot".

loot.
money, prize, treasure, good stuff

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

someone who was not before, but is now leet. b/c his cal-o team is 3-0. Cant get any leeter i say.

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.

To attain elite equipment in a game by various means.