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A euphenism for a used item. May not be a bad thing in the sense of Previously Owned DVD movie, but can be bad in the sense of a Previously Owned computer or automobile where you're buying somebody else's problem..
We have dozens of certified Previously Owned cars on the lot ready for you to drive away today!
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2
A derogative title given when a person is killed twice by the same opponent in any sort of Deathmatch or Fast Paced Game. Can be spelt in the manner given or modified with any number of l33t substitutions.
j00 jus bin Prevoiusly Owned, n00b

p33ps kant Previously pwn3d me

I > Pr3\/0151Y 0wnz0r3c| N|_|bbington
by Eric Alexander November 20, 2003
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