This word is a popular variation of the word owned and is typically used within online gaming circles.
This term was first coined by a geek who attempted to modify his copy of the popular first-person shooting game Half-Life so that the word "Owned" would appear on the screen of anybody he killed, unfortunatly (due to the close proximity of the "P" and "O" key on the standard English keyboard) he accidentally typed it as "pwned" while he was modifying it, so now this word was appearing on the screen of every other gamer that he killed, other gamers thaught that this was 1337speak for pistol-owned, and started using the word whenever they killed somebody with an inferior weapon i,e "I pwned him with my pistol even though he had the rocket launcher!"
Nowadays though it pretty much means the same thing as owned
Also see ownage pwnagepwn and pooned
"I pwned your ass so good in that last game!"
"I have leet skillz, you're gonna get so pwned"
by eurobob September 10, 2005
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like owned, pwned is a classy word that you can say when you have beaten someone, perhaps at there own game.
Whoah! Like totally H-Core! I totally pwned you catlin!
by mamemumemo May 31, 2006
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Unlike the other people who have posted definitions that are ridiculous, do not have substantial backing, or are simply mis-informed, I will give the complete definition of what "pwned" means.

1. The origins of "pwned" are debated but there is ownly one possible source:
a. When playing a first person shooter game online, and you find yourself with no ammunition left in your primary weapon, you find yourself having to switch to your secondary weapon, aka your pistol. Being heavily outmatched versus an automatic weapon, when the player with the pistol kills the automatic weapon user in convincing fashion, it is usually followed by a string of text "Pwned!" meaning, 'Pistol-Owned.'

P is for Pistol? Get it.
My PDW ran out of ammo so I pwned that nigga with my Glock 9mm.
by john himself June 24, 2005
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When some n00b on a video game, gets hella owned; amazing owned, liek the noob got screwed up the anus x10
yo son, you got PWNED!!!!
by Davey :) March 1, 2006
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As many other definitions state, this is a corruption of the term owned. However, this term has several advantages over owned, the main one being it has no conotations with the rather touchy subject of slavery. People will also think you cool for using 1337 hacking lingo now used mainly by preteen video game players, including my brother.
Fag: Yeah i owned you!!
Large Angry Black Man: You shouldda used pwned sucka!!
*Fag squeals in pain and terror
by Tom the Enchanter August 21, 2005
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pwned: verb;
to win at something and "pwn" the other contestants; or to be "pwned" when losing a game, etc.
"I just totally pwned you at basketball!"
by galena April 1, 2007
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Legend has it that in the World of Warcraft, there exists an Orcish Dominatrix. Better not cross her path! They say that those who went searching for her have never returned.
by RedBlade7 March 26, 2008
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