The act of being totally and utterly destroyed by your opponent. Although the loser may be absolutely "owned", ownage just doesn't do it justice. In Phelps' case, he "owned" world class athletes while at times making it look silly. You see being "owned" could mean that you fought a good fight- better luck next time. But to be Phelpsed is on a whole different level. In this instance, the loser was horribly defeated to the point that there was no purpose for his or her participation in the event.
The French got fucking phelpsed in the Olympics