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1.
Phat Lewt = Fat Loot
Fat as in the slang word; Cool/good
Loot as in Items picked ut(looted) from mobs in games, most often mmorpgs
I want phat lewt!
I got phat lewt!
Por mriswith 28 de febrero de 2006
 
2.
To attain elite equipment in a game by various means.
"d00d! I got PHAT LEWT!"

or

"I want teh PHAT LEWT!!"
Por Thran 13 de febrero de 2003
 
3.
Used primarily in online mmo's, and describes exceptional treasure. Much better than regular lewt, phat lewts are usually rare and powerful items, such as weapons or armor.
w00t! phat lewts!

Man, those purple drops in Molton Core are phat lewt!
Por Ted Lach 08 de enero de 2006
 
4.
Extremely good items aquired in any game for killing a boss/completing a quest. Typically used in mmorpgs
Dude I just got phat lewt for killing that monster!
Por Maximillius 22 de febrero de 2004
 
5.
Really awesome loot from a PKill see also: wordSick Armor
Por three_sixteen 13 de febrero de 2003