When a dog thinks something is awesome. He/she gives his/her seal of approval with his paw. His/her paw is his/her signature. The dog think's it's so awesome that it's Pawesome!
Or anything you are referring to a dog about. If a dog has an awesome tail, it's tail is Pawesome!
Combination of 'flaw' and 'awesome' meaning the opposite of 'awesome', often used in situations where one cannot foresee the reaction of others hearing the statement as one can easily claim to actually have said 'awesome'.
1)
Girl: Honey, I am pregnant!
Guy: Flawesome!
Girl: What?
Guy: I said awesome!