The internet has given us many new words, and ‘w00t’ is one them. I understand that the word originated in ‘competitive online gaming’. It was an acronym used by players for ‘we owned the other team’. In other words, you were much better than the other team and you beat them easily. The word has acquired a general meaning, and is now frequently used in everyday conversation as an expression of joy and excitement. The ‘00’ is pronounced like the ‘oo’ in ‘cool’, ‘pool’, and ‘school’.
*Believe it or not, the bank has decided to give us the loan we’d asked for. W00t!
The word can also be spelt ‘woot’, and it was included in the list of ‘Merriam-Webster’s Words of the Year’ for 2007.
Source: “The Hindu” – Know Your English Column – Jan 08, 2008