"w00t" is a leet corruption of the exclamation "Woot!", meaning "Hooray". The term rose to popularity sometime during the 1990s and is popular on the Internet, especially in MMORPGS. Both the exclamation and the Leet spelling are of uncertain origin. Many explanations have been offered, but none cite any reliable research or definitive sources. At this time, any explanation proffered without proper citations is mere speculation.
w00t - Computer Definition
A leetspeak expression of joy or triumph, originating within the online gaming community and chosen as the 2007 Word of the Year in a poll taken by Merriam-Webster's website. Similar in use to the word "hooray", some consider it an acronym for "we owned the other team," again a nod to gaming forums and contests on the Web. See leetspeak.