It's mashup of woot and the french word zut alors.
Zut alors: Damn alot
w00t alors: YAY alot
I just passed my french test! w00t alors!
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The McDonalds sell out of w00t
It's Mac time now! W00ty McW00t W00t!
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L33t w00t's what you say when you're pretty pissed off.
Hey, this guy's kicked my ass! - L33t W00t!!!!!!
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a feeling to descibe a very wet feeling in the pants
ewwwwwwwwww... w00t sauce going down the leg
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"I just beat Phazon in Metroid! w00ty mcw00t w00t!
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1. A generic answer to a question you don't know the answer to.
A: What are the layers of the atmosphere?
B: Blarble blarble w00t.
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Used within internet relay chat hacker rooms when people would gain root privileged access on *nix systems in the late 90s.
Instead of "I got r00t guys" it was "w00t!!!!!" (Root without the R)