Apart from the definition of kicking someones butt, it can also be used on myspace as a way to virtually "own" someones picture, you leave a comment saying something like "can i own?" then on the caption of that photo your name would be placed on it e.g. Emily owns!
random guy commenting--"Yo dude cool picture can i have ownage?"
owner of the space--*changes the caption to "random guy owns"*
Someone who "thinks there Elite or 1337" but get there vids deleted because they think there better than everyone and can overrule who they want. Obviously they dont listen to their friends who advise them not to and they still do it. Its unbelievable that these people continue to think there better than everyone and everything such as Youtube.
Dex: Im going to put up a vid of my friend's reaction of him watching a horse dick!
if you have been owned it means you had your ass kicked at something. you say ownage if someone or something gets derstroyed, shredded or basically totalled. ownage is mayhem on a larger scale.