Short for virtual ownage. Not to be confused with Vonage, the broadband phone service. Pwnage should be confined to non-virtual games, such as Ping-Pong. This would allow the use of the much more appropriate vwnage.
Short for James Earl Pwns, Indiana Pwns, and Al Capwn (the three gwnages (gods of ownage)). By using all three names in one (such as Jeiacpwnage), you refer to the twnage (triforce of ownage), which is the highest possible level of ownage.
Having sex with Jessica Alba would be jeiacpwnage.