Combination of the two internet phrases "lol" and "pwnd" in somewhat of a parodying way.
Used basically in the same way as "pwnd" or "owned".
Pronounce each letter of the acronym "L.O.L.", and the whole thing is pronounced back to back as if it were one word ("L.O.L.-powned")
Shadow: "Whoa. He killed me in one hit!"
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