When a dog thinks something is awesome. He/she gives his/her seal of approval with his paw. His/her paw is his/her signature. The dog think's it's so awesome that it's Pawesome!
Or anything you are referring to a dog about. If a dog has an awesome tail, it's tail is Pawesome!
Means AWESOME, but made for cool 1337 gamers and nerds. Usually reserved for most extreme awesome things. Coined originally by Neil Nguyen during a game of paintball.
A mix of "pawnage" and "awesome". Became popular when kids from a small New England town brought the term into the world of videogames. See also: jawsome