What the Hell Does "w00t!" Mean?

[Professor S]

Well? What is that? Is it some sort of weird Canadian mispronounciation of the letter "o"?

"We have ways of making you pronounce the letter `o'!"
- Canadian Bacon.

You guys should adopt some American slang for celebration like "Raise the Roof", or "Who let the Dogs Out" or... geez... they suck... damn.

Never mind. "w00t" is fine by me. But what does it mean and where did it originate from?