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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!
de mriswith 28 Februarie 2006
 
2.
To attain elite equipment in a game by various means.
"d00d! I got PHAT LEWT!"

or

"I want teh PHAT LEWT!!"
de Thran 13 Februarie 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!
de Ted Lach 08 Ianuarie 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!
de Maximillius 22 Februarie 2004
 
5.
Really awesome loot from a PKill see also: wordSick Armor
de three_sixteen 13 Februarie 2003