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1.
A superlative term used majorly in the online gaming community, describing victorious cry of the enemy player as his gaming skills outstand skills of the other player. This is commonly used when the other player frags its enemy player in a concentrated ratio. The original term is Owned, but since the l337 speech, it is spelled with a zero and a deliberate mistype (just like in the word teh) with a p on the beginning.
Haha, p0wned n00b!
by Mish February 15, 2004
 
2.
p0wnage is a gaming term, where geeks and nerds have been owned by another geek or nerd.

You have been 0wned, you n00b!
An example is http://www.p0wnage.net
by p0wnage September 04, 2008