The act of getting owned in an ironic manner, often accompanied by a hypocritical response to said ownage.
The definition stems from a basketball game that took place on March 22nd between the UCLA Bruins and basketball powerhouse Texas A&M Aggies. Trailing by two in the final seconds of the game, Aggie guard Donald Sloan recklessly drove into a lane filled with Bruin defenders. Sloan's complete refusal to pass the ball to open teammates led to a "shot" attempt which was blocked by multiple UCLA defenders. In the following moments, the ball was swooped up by UCLA guard Russell Westbrook and matriculated the length of the floor for a thunderous buzzer-beating dunk and 4 point victory.
Significantly, Westbrook's arguably classless dunk was preceeded a few weeks earlier by a similarly classless, last-second, off-the-backboard, alley-oop dunk against Baylor University by none other than Donald Sloan, giving the play a touch of irony. Westbrook's dunk was proceeded by a chorus of bitching and moaning about it's classlessness on texags.com by fans who had lauded the Sloan dunk weeks earlier. Hence, the hypocrisy element of getting "sloaned."
Fan 1: Pass the ball you selfish bastard!
Fan 2: Motherfuck. Donald got sloaned.
Fan 1: Westbrook is a such classless asshole. I'll sleep well knowing that aggieland is better than those left-coast pricks.
Fan 3: Moral Victory!
Fan 2: But isn't this kinda like the Sloan dunk against Baylor?
Fan 1: No, totally different.
Fan 2: Whoop!