A big misconception is that it is pronounced 'pone' instead of 'own'. It was a miss-spelling of 'own', and it caught on. Just, the original people who came up with it pronounced it 'own'. But there were so many people who didn't get the joke, that they just assumed that it was pronounced 'pone'. www.purepwnage.com Explains it in episode 10.
1. It brutally win, it school someone, to get tons of headshots, etc.
2. To describe something cool or great.
Wow, I just pwned that kid!
You got that game!? That pwns!!
Harcore Gamer: Its pronounced owned dumbass noob....
dumbass noob: yes, yes I am