Mostly used towards n00bs (see noobs) or more 1337 people acting in a n00bish manner
Also,when you randomly get slapped,beat up by a girl(when your a guy) or punched in the balls. Its also a form of Ownage.
2) HAHAHA You just got hit in the balls OWNEDZORZ!!!
The famous ownt variation, origin of team BoRo in MoH:AA, is a more insulting tense of the word owned.
You have been owned.