Had Merriam-Webster asked me (they did not), the 2007 "word of the year" might have been git, huckster, or, possibly, toadeater. (My mechanic, he likes to pad the bill.) But Merriam-Webster asked the Internet, and the Internet chose "w00t," complete with two zeros. Welcome to the wisdom of crowds.
Yes, 2007's word of the year is "w00t," an expression so likely to die off in the near future that I can just about see its pallbearers lining up down the hall. Merriam-Webster offers this definition for those not quite l33t enough to spend their lives in online chatrooms: "expressing joy; similar in use to the word yay."
I repeat: the nerds are taking over our language. Beware.