1. Owned, lit up, pwned, etc.
2. A state of first being stabbed in the chest, followed by being anal raped.
3. Showing a sense of ownership over an item, followed by dissing it.
Person A: Dude! Headshot!
Person B: Merked!
Person A: Dude, I just got merked!
Person B: Damn, that sucks.
Person A: Dude, your dog just got merked!