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1.
derived from two words: pwn and n00b.

p00n should be used in a past-tense form (e.g p00ned), as it is the act of being p00ned. It refers to being "pwned" by a "n00b".
"Yo, i just got p00ned by that glocker."
by n00bular-bomb October 21, 2004
109 57
 
2.
A variation of the word "pwn", which is a l337-way of saying "own"
Taht d00d w4s p00n3d lol.
by 1337 p00n3r July 12, 2006
48 18
 
3.
Leet form of poon.
d00d were is teh p00n?
by Casey January 05, 2004
36 44
 
4.
an online term for pussy, may be exclusive to The Wolf Web; opposite of p33n
Gay guys like p33n, not p00n.
by Anonymous July 17, 2003
42 58