Derived from the word 'Bawse' (awesome, in charge), meaning one's basement that is the ultimate hangout for any and all of that basement owner's friends. Bawsement characteristics include: Pool Table, Foosball Table, Ping Pong, Darts, Big Screen TV, Work out area, Musical Instruments etc...
1. "Holy sh*t dude I'm bored, let's hit up Steve's Bawsement!"
2. A- "It's 3 am. the clubs are closing, we NEED to keep Partying"
B- "No problem, let's go to my Bawsement!"
3. "Your basement is one pool table short of a bawsement"