A term, which is a combination of the terms Pwn and Pro Status, perhaps two of the coolest terms ever invented. Used to describe something that is way awesome, hence the word pwn. Pwn is in the term because it is used to emphasize the the awesomness of the object being described (it is so cool that it pwns all other things). Status is used to show that the pwnness of the object being described is a charecteristic of it, so it is naturally pwn status.
Bill: Hey guys, check out my new awesome shoes.
Joe: Those shoes are gay
Kyle: shut up Joe, youre gay, those shoes are way Pwn Status