stated that the word is like saying "yay" and was selected after Merriam-Webster website users were invited to vote on 20 words frequently looked-up or submitted by readers. The runner-up word was "facebook" as a verb, which means to add or search for a person on a social networking site.
The etymology of "w00t" is still a little messy. Some say it's a combination of wow and loot, others say it comes from hoot, but the zero replacing the letter o definitely comes from l33t speak. English sticklers can rest easy for now, but the day will come when companies pwn each other in the Wall Street Journal and someone makes a newb of themselves on the front page of the New York Times. w00t!