A terrible social meme that first cropped up in counter-strike (cs) beta 6. Earlier it was an occasional typo of own or owned (as pwned) but during the later stages of CS beta 6 became a pseudo-word in it's own right. Generally it refers to the supperior twitch-skill of the user over a lesser opponent. though has since migrated to other online, and less then online, tests of skill.
PS use of this pseudo-word should be forbidden in spoken word as it makes you sound like a 13 year old star trek nerd
"I just ran into a group of 5 T's (4) in CS with my pistol killed 4 of them and ran out without a scratch. OMG i Pwn !"