(verb - present tense)
1. Owning, or otherwise, triumphing over something or someone.
2. Ownzing, meaning, beating, besting, working, or otherwise winning over a particular task.
1. I just pwnzed this network with teh 1337ness DoS attack!
2. I was totally pwnzing the hell out of this riced out Civic in my Evo when all of the sudden his bumper flew off.