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1.
Similar to the words owned and pwned. Except it is showing a higher level of conquering. It is used to be even more of an insult when defeating someone and humiliating them completely.
Example of ownage: Kicking a guy in the shin.

Example of pwnage: Punching a guy in the face.

Example of pazonage: Kicking a guy in the balls.
by BackToNormal June 26, 2004
 
2.
Part of the Eago Zoe dictionary. mainly used to emphasize something of epic failure. generally used as a verb.
e.g.
A:why did you leave?
B: i was playing some doongta when my mother pulled my ethernet plug.
A: lulz you got pazoned.
B: yas
C: yayaya
by Ando Animos October 27, 2008