A phrase from an old NES game called Bokasuka Wars (which is regarded as the worst game ever by many). Whenever the player lost the game (which was quite often), the words "WOW, YOU LOSE" appaeared on-screen.
Player: *loses game*
Game: WOW, YOU LOSE!
by ShadowMan February 15, 2004
Get the Wow, you lose! mug.