The only definition featured up till now is the following:
“1. w00t (interjection)
expressing joy (it could be after a triumph, or for no reason at all); similar in use to the word "yay"
w00t! I won the contest!”
However, it is also stated that the word might also come as an acronym for the "we owned the other team". Regardless of its origin, one thing is certain: the 33t ("leet," or "elite") speak (a language based on replacing letters with numbers, with “o” becoming “0”, “e” becoming “3” and so on) is gaining serious ground. A real pleasure for any self-respecting English teacher, who will have to resort to “stfu n00bs” in order to restore order in the classroom.
The word placed on the second position was the “(to) facebook” verb, meaning to perform various activities on the social networking site. Other entries making it into the top 10 includes conundrum, quixotic, blamestorm, sardoodledom and apathetic.