When you successfully insult someone using a play on words. Similar in respects to the word "pwned", but only legitimized if the user correctly used a pun in his insult.
Basically describes when someone is so high onopiates that it constricts your pupils to tiny pin-points.
The neighborhood junkie kept insisting she was sober but there's no denying she's still using, given that she's pinned out and can't keep her eyes open or stop itching. That junkie is as pinned out as a tweaker is spun.