WTFmeter's initial aim is to provide a tool which allows people to measure the WTF-level of a particular something. That goal has already been achieved.
The long term goals of WTFmeter is to become a universal online meter for things somebody wants to measure. This includes:

A site known as "The Daily WTF" ,or rather it's forums, is the origin of the WTFmeter. WTFmeter's author got the idea of another forum member and decided to work it out. The result is what you can find on this website.