A concoction of words from the wonderful language of l33t. "pwncakes" is a combination of the words "pwn" and "cakes", and combined sounds like "pancakes". The term is used to indicate that a particular situation is the subject of pwnage.
Z0mG!1!!! PWNCAKES! LOLZ! J00 GOT FUCKING PWNED J00 SHTINKING BUMSLUT! OMFG You did!! And you better liek it or I will pwn j0r mother's anus!
A delitious treat that is served to the Pwnee. The Pwner can spend hours baking this treat, customizing it with different kinds of pwnsauces, pwncreams, and pwnbatter. The reason pwncake is given is because it is almost too devastating to get pwned without a delicious treat afterwards.
It was an epic CS battle, pwncake was being served all around the map.