By far the most epic loot i've ever received in World of Warcraft was getting my Onyx Netherwing Drake, after farming the dailys for so long, it was a badass reward for all the time I had put into it. Not to mention I had began the dailys before Sunwell was released, so the gold for that time in the game was a great benefit.
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I have to say my most epic loot drop was the Swift White Hawkstrider from Heroic Magister's Terrace. I'd never expected to get it, and was amazed when I got the high roll. I still ride around on it from time to time, just for the chocobo factor :)
I was questing in Hillsbrad and came upon the quest where you have to get Creeper Ichor (as well as some other animal drops) my friend who'd played the game much longer had just finished telling me horror stories about farming spiders for two hours to get that drop when I killed my 2nd spider and got it.Epic.
I wanted to complete the Halloween event for the achievement. I was only 65 so finding a group for the headless horseman was tough. I did everything and had everything except for the Hallowed Helm. It was the last night of the event. An hour before the servers reset I found a group to run HH and it dropped. I won the roll by 12 points. That was epic. :-)
The first time I ran kara, the T4 helm droped. I rolled a 100 on it.
Well my epic loot wasn't so epic but it was great. I was on my DK on my way to Nagrand when I saw a flagged Night Elf Hunter I think. Seeing I hate them and they were flagged I thought i would kill them because I could and I was a DK. So while I was attacking a mob agroed on too so I droped death and decay with my unholy blight and watched them drop almost at the same time. Well looting the mob I got the Daggers of Unquenched Thirst which are some cool daggers and killing a Night Elf that made me happy and was pretty epic in my mind.
Alright for my third and final contest entry...my third most epic moment would have to be winning the Stranglethorn fishing contest. After several weeks of attempting with no success I finally got a good friend to run body guard duty while I fished for some tastyfish. After the longest 10-15 minutes of fishing of my life...finally 40 tastyfish! I ported to Booty Bay and demanded Mr. Riggle Bassbait give me my hard earned Hook of the Master Angler.
It was not really a loot drop (as i always loose rolls), but the epic "Explorer" tabard was pretty cool. It's a prove you discovered all the areas in the game, so I kinda like that. Going for the epic fishing pole now ;-) ...