I kan haz phat lewtz! Many are those among us who have painfully endured phrases like this. However, there are few players who have avoided the almost primal urge to receive said lewtz themselves.
Lewtz (n) - Taken from the ancient Latin word 'Lewetz', Lewtz encompasses all forms of equipment and item upgrades that players receive throughout their adventures in the World of Warcraft. While the previous definition may not have any actual latin roots, the spirit remains the same.
Lewtz exist everywhere in the game. From the moment that level 1 human character kills his first wolf, he will receive lewtz of some kind. Lewtz become phat when they are epic, either in item classification or personal value to the person receiving them.
Everyone enjoys upgrading their gear, and the excitement and anticipation that comes with the expectation of said upgrades. Just remember that the people you are adventuring with want their phat lewtz as well. So please remember to give your friends a chance at their own phat lewtz, lest you be labeled a loot whore or worse; a ninja.
See also: loot.