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1.
1) To do exceedingly well at something.
2) To defeat someone or something impressively, particularly in a casual, yet brutal way - i.e routing all challengers and opposition.
3) Lapping up applause - especially after performing a difficult/impossible feat.

Also: Own Up, Owning It Up, Owned It Up, Owns it Up... Etc
"Wow, he was literally just Owning It Up back there, those noobs didn't know what hit them."

"Just give me a sec, I just need to go back and Own It Up for a while, bbl bbz."

"He/She just Owns It Up like a pro - I've never seen anything like it. "
by Sarelzayeth November 22, 2012