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1.
The act of a thread getting closed in a forum soon after its creation due to it's subject restating a question/issue that has been discussed to death and back already, usually closed/locked by a person named Polygon
"Wow this is only the 100th thread about the rifle bug, hope it gets Polyowned soon"
by the polyowned June 07, 2005
 
2.
The act of braging about closing threads to forum members from a n00b admin.
"My thread was polyowned by that n00b admin."

"I'm the n00b admin that polyowned your thread!"
by TankandJeep June 21, 2005