Further shortening of pwnage, meaning ownage; refering to having whores in your posession. A common misconception is that this word was misspelled in the 'frenzy' of a game, or that it had something do with being 1337. This is infact wrong.
It was spelt pwn in order to get around word filters, as this blocked words such as own, because it had implications of a sexual or solicit manner.
I R TEH PWNG, TBH.
"I win, by the way."