Means to own, win basically someone was typing owned and hit the 'P' which is next to the 'O' key
its like pwnt or pwn but for the cooler kids...
also can use wpwn7, its like super pwn7.
Only used when you really kick some ass
1337Joey pwn7 the kids you also don't add an 'S'
1337Joey pwn7 all, you just say it
pwn7 is a term only used by gigantic noobs and idiots. Anyone who is really bad with computers and/or gaming will use this word thinking they're 1337 but they're really making themselves look like an ass.
"Omg d00d pwn7"
"Shut the fuck up noob, you're an idiot"