Today’s gamer vocabulary word is “phat loot”.
phat loot – A term used by online gamers to describe a really helpful or stat-boosting set of items found by completing a quest, opening a container of some type, or by taking the loot from a dead monster.
phat loot is a term used in games where killing monsters rewards gear for the player’s character to wear. That gear will enhance the players ability to kill stronger monsters down the line.
The two main loot genres are MMORPGs (World of Warcraft, The Lord Of The Rings Online) and action-RPGs (Diablo 3, Torchlight 2), although this mechanic is also present in other genres like FPS (Borderlands 2).