2011, the most common meaning of "FTW" is "for the win", an internet
expression of general enthusiasm.
FTW today commonly stands for "For the Win". It is an expression of enthusiasm. "FTW" is a type of cheer, or a strange way of exclaiming "this is the best" or "this will make a big difference.
Older meanings of FTW
Years ago, "FTW" used to have the meaning: "fuck the world". This was a term commonly used by social rebels, anarchists and anti-authoritarian types to express frustration with modern society.
(Improper quoting ftw: http://netforbeginners.about.com/od/f/f/What-Is-FTW-for-the-Win.htm)