Merriam Webster's Word of the Year for 2007

Voters at Merriam-Webster's Word of the Year 2007 poll have chosen "w00t" as 2007's most iconic word. M-W says that the word is a gamer's acronym for "we own the other team," but I'm inclined to think that that's a backronym, a back-formed acronym created to explain a word already in use.