We Own the Other Team
Online jargon, also known as text message shorthand, used primarily in texting, online chat, instant messaging, email, blogs, and newsgroup postings, it is considered gamer jargon. Also seen as w00t, it is said when one team beats the other to signify that they are superior (kind of like "woo-hoo!"). Originally from the game Dungeons and Dragons, it stands for "we own the loot."
Historical perspective: In 2007, Merriam-Webster decalred “w00t” the word of the year.
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NetLingo Classification: Acronyms and Text Message