A common mistyping of the word ownage. Some people tried to give it a legitimate definition in order to save face, and this has now become commonly accepted despite the clear origins of the word in the qwerty keyboard.
Yeah! Total pwnage! *oops I meant to typeownage! Forgive my mistake.
Pwnage is used to decribe superiority over someone or something, usually used in internet gaming.
Pwnage is from the root "word" pwn, originated when the map designer of Warcraft was spectating a match. The player lost to a computer character, so the map designer tried to type, "You got owned," but mistyped it, saying instead, "You got pwned." In other words, the word originated from a complete and total typo.
While most people (gamers or otherwise) believe this word to be a typo of the word "ownage" there is another belief that it stands for "perfect ownage" just like "pwn" is "perfectly own."
Of course, this was probably made up afterwards.
Related: Plwn, Plwnage. A build on the classic "Perfectly own" by turning it into "Perfectly Legally Own." This is important because sometimes, when one is pwned, they will become indignant and claim that cheating was involved. No cheating can exist if they were plwned, though.
Only a few documented cases have existed, mainly because they were all within a few minutes of one another. Sadly, this is not a typo, but actually a misspoken version of Pwn. The individual who spoke this' name will not be disclosed, because he/she is very close to me.
"w00t, double pwnage!"
"colossal pwnage!'
"i subjected him to my godlike pwnage"
Gamer1: Ha! Plwned!
Gamer2: WTF Nuh uh you cheated I saw you n00b!11
Gamer2: Tsch, no, that was perfectly legal pwnage.