A measure of the esteem in which you are held by the other members of a society. From Cory Doctorow's Down and Out in the Magic Kingdom.
According to the author (January 23, 2003):
The word is what we used in high school instead of "brownie points." A friend of mine pointed out, given the era that I went to high school in, that it almost certainly came from "The Arsenio Hall Show": "Woof, woof, woof."