A fusion of the words Owen and owned. Generally speaking, the result of one individual being completely wrong in any given situation and someone else (either named Owen, or with Owenesque qualities) calling them out on it, thus exposing the individual's lack of knowledge, and surplus of foolishness. Can also be used to expose lack of skill, wit, and/or anywhere else the word owned could be used.
Robert: Hey guys! Have you heard of Sacred 2?
Owen: Umm.. I've heard of it. Refresh my memory again?
Robert: It's amazing!
*notices Owen's MacBook*
Robert: Oh.. you have a Mac. Sacred 2 is only for PC... Nevamind.
Owen: Well.. Technically Sacred 2 is for Windows, which I do happen to have installed on a partition on my Mac.
Robert: But you can't run Windows games on your Mac!
Owen: Uh.. Yes, I can. If I have Windows, I can run Windows applications.. including Sacred 2 if I really wanted to.
Owen: N-no... Owened.