The word originated in Morong,Rizal province in the Philippines. It is an act of sexual intercourse
noun- a player in a game winning by such a large margin, that the other players no longer acknowledge them as a viable participant and/or ragequit on them
It is derived from a three-player game of Pogo Scrabble in which a player attempted to fabricate the word "aswit" and use it in conjunction with "saucer" for major points. The word was successfully challenged, but he player wound up winning the match regardless, due to his massive accumulation of points by that time.
Players of online games such as Halo often eject aswits in order to make matches more balanced and fair.