iPone (or iP0ne) is what you do to other people when they find out you have an iPhone (i.e. The best phone in the world)
Brian: Check out my new Nokia 6230i- it cost me £850 and it's totally like a spy phone or something.
Larry: Oh yeah? Well I have an iPhone, the greatest phone in the world!!!
Brian: aw man, I'm such a n00bz0r.