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1.
Origins stem from owned, ownage, ownt. The character 'o' is next to the character 'p' on the keyboard. It was formed when some anonymous original party accidentally hit the 'p' for the word "OWNED".

It has the exact same meaning as the verb to own. The two words and their derivatives can be used interchangeably.

1. When a player is severely beaten by another player or party of players, in a game.
2. An expletive about a situation where something painful, embarassing, or bad happens to someone in real life.

The main dispute with this word is its pronunciation. It is originally believed that the 'p' is an accident and therefore not pronounced. However, several pronunciations have become accepted: p'ownt, pwynt, pinnt, etc.
1. Gamer 1: I just killed your entire group and won the game.
Gamer 2: You pwnt us all...

2. Oh my God, did you see that guy get hit by that car? He was pwnt!
by Shifty Eyed Goat June 16, 2004
 
2.
A contraction of pwned. Whiles its meaning is essentially the same, the word's abrupt ending lends it a terse quality, making it especially suitable for the description of particularly sudden or decisive ownage.
Noob1 runs out firing constantly in a spasticated fashion, but suddenly stops dead after being killed by a single shot to the head. In this scenario, Noob1 has been pwnt.
by ein tom July 03, 2006
 
3.
past tense of pwn.
1.noobrometor: OMG i'm thoo theeen
Link713: Your an idiot, j00 phail
Lupo713: yeah Newb, j00 are teh lame
Noob_Slayor_713: N00b, you just got pwn't

2. Noob: aww man, i got cat tagged
Pwner: Pwn't
by Dus10 August 21, 2007
 
4.
A sudden, decisive and somewhat catastrophic ownage. the word originates from pwnage which roots from ownage. A synonym would be ownt and can be used in the same context.
killerking is blown out of cover by insomniac's grenade, then mercilessly sniped in the head.

insomniac: pwnt

killerking disconnected
by insomniac888 October 30, 2006
 
5.
After reading what others have posted regarding this 'word', I decided I had to post the real origins of this word, as everyone had left out an important part of the word's makeup: the 'P'.

Pawn/Pawned.

The word is a simple combination of pawn/pawned and own/owned.

pwnt.
I pwnt that noob.

Pwnt motherfucker.
by dabounca September 18, 2011
 
6.
A sarcastic typo of ownt. See Ownt.
i pwnt j00 newb.
by nocturnal January 23, 2003
 
7.
Getting one over on a n00b or other suck retard.
Bumblefoot says: Lilly, with all due respect, you have your head so far up your ass, a fart and a sneeze are the same thing.
by Hopkins July 30, 2004