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Origins stem from owned, ownage, ownt. The character 'o' is next to the character 'p' on the keyboard. It was formed when some anonymous original party accidentally hit the 'p' for the word "OWNED".

It has the exact same meaning as the verb to own. The two words and their derivatives can be used interchangeably.

1. When a player is severely beaten by another player or party of players, in a game.
2. An expletive about a situation where something painful, embarassing, or bad happens to someone in real life.

The main dispute with this word is its pronunciation. It is originally believed that the 'p' is an accident and therefore not pronounced. However, several pronunciations have become accepted: p'ownt, pwynt, pinnt, etc.
1. Gamer 1: I just killed your entire group and won the game.
Gamer 2: You pwnt us all...

2. Oh my God, did you see that guy get hit by that car? He was pwnt!
pwnt by Shifty Eyed Goat June 16, 2004
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A contraction of pwned. Whiles its meaning is essentially the same, the word's abrupt ending lends it a terse quality, making it especially suitable for the description of particularly sudden or decisive ownage.
Noob1 runs out firing constantly in a spasticated fashion, but suddenly stops dead after being killed by a single shot to the head. In this scenario, Noob1 has been pwnt.
Pwnt by ein tom September 4, 2008
Related Words
A sudden, decisive and somewhat catastrophic ownage. the word originates from pwnage which roots from ownage. A synonym would be ownt and can be used in the same context.
killerking is blown out of cover by insomniac's grenade, then mercilessly sniped in the head.

insomniac: pwnt

killerking disconnected
pwnt by insomniac888 October 30, 2006
After reading what others have posted regarding this 'word', I decided I had to post the real origins of this word, as everyone had left out an important part of the word's makeup: the 'P'.

Pawn/Pawned.

The word is a simple combination of pawn/pawned and own/owned.

pwnt.
I pwnt that noob.

Pwnt motherfucker.
pwnt by dabounca September 19, 2011
Severely schooled. Past tense of "pwn". (I disagree with the pronunciation, it should be "own't". The P (being next to the O on a keyboard) is an intentional typo. It's not supposed to be said aloud, thats just incredibly stupid.
"he got pwnt!"
pwnt by Legacy July 11, 2003
A sarcastic typo of ownt. See Ownt.
i pwnt j00 newb.
pwnt by nocturnal January 23, 2003
An incredibly stupid typo of "Ownt" which a bunch of nerds picked up and when asked why they responded with the first thing they could think of.
Nerd1: I PWNT YOU NUBE
Guy: STFU NERD, PWNT ISN'T EVEN A WORD
Nerd2:YEAH IT IS YOU NEWBER!!!11
Guy:THEN WHAT DOES IT MEAN?
Nerd2:UMMM UMMM
Nerd1:UMMMMMM.... POWER OWNT AHAHAHAH!!!oneonetilde!!!
Pwnt by meh November 10, 2003