Further shortening of pwnage, meaning ownage; refering to having whores in your posession. A common misconception is that this word was misspelled in the 'frenzy' of a game, or that it had something do with being 1337
. This is infact wrong.
It was spelt pwn in order to get around word filters, as this blocked words such as own, because it had implications of a sexual or solicit manner.