The word owned refers to something or someone becoming the property of someone else after extreme domination. Similar to being served, being owned involves becoming the bitch of someone after being totally dominated or embarressed by them. The term owned can only be applied to severe cases of kickass and the total demoralisation of someone usually in public. The ownee must accept their ownage and submit to the bragging of the owner and those surrounded them for an extended period of time.
"Oh shit i just kicked that little kid in the face, i totally owned that bitch"
"Thats what your mother said last night, OWNED"
"Dude you got owned when he held you down and farted on your head".