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It doesn't have to be in l33t/leet though. Basically it was originally coined by online gamers as an acronym for 'We Owned the Other Team'. Quite often it's written with two zeroes in the middle however it can still be written with a double-O instead. Now it's just a term used to demonstrate general approval or enjoyment regarding a situation. For example: "The Patriots lost the Super Bowl. w00t!"
Forgive me for being such a lame-o, but what is l33t ???
Leet (or 'l33t') is a form of writing which replaces certain letters with numbers or other symbols. Although I'm usually skeptical as to the accuracy of the information on Wikipedia, in this case the page about it is pretty much spot on. Basic leet is often used in text language but advanced leet can be extremely complex and requires a lot of determination from someone trying to master it fully. It's not made any easier by the fact that aspects of it change over time.
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