When you pwn someone, but you wanna be cool about it =P
i just preowned that treetard!
A device that is unlocked or hacked in some way before you buy it, so you don't have to buy it yourself. Typically applied to jailbroken or carrier-unlocked phones and gaming consoles with customized firmware or modchips that allows them to run backed up or pirated games. Selling preowned devices is illegal in some countries.
Preowned iPhones for $299, use with any SIM card you like.
Brand new PSPs for sale, preowned, custom firmware 4.0 M33-2.