According to Merriam-Webster, “w00t” is the 2007 word of the year. It isn’t in the dictionaries yet and it can’t be used in Scrabble because the middle two letters are actually numbers (double zeroes: 00), but it is the word to watch.
W00t is an interjection, popular with on-line gamers, that expresses joy, happiness or excitement. Sometimes, but not always, it is used after a big win. Saying “w00t!” is a little like saying, “yay!” It is what my oh-so-hip husband will exclaim when he reaches into his Christmas stocking next week. “W00t! Once again Santa brought me socks and underwear!”
When w00t does not include double zeroes and is written “woot,” it is considered to be an acronym for “we owned the other team,” and to have the same meaning as w00t. Words that use a combination of letters and numbers are popular in on-line gaming, but apparently both w00t and woot are used. W00t (with the double zeroes) may be the 2007 word of the year, but I’m guessing it won’t be long before woot (with the double o’s) is an acceptable Scrabble word. W00t!