For
children, this is an adjective used to describe the child for making a good grade in school. On a report card, if they received an "O" for Outstanding, rather than an "A", they are described as 'owesome'.
As a more mature word, this adjective is used to describe something so awesome, it makes you want to "
oh!" (
orgasm).
"
Wow,
Johnny got an 'A' for 'awesome', and his little sister got an 'O' for.... 'owesome'."
"Oh my God, Tomas was so owesome last night..."
"
Wow, look at her owesome body!"