When you walk into a bathroom after someone has just taken a terrible shit and it smells completely disgusting. You now "Own it". That smell belongs to you even though you didn't produce it. If someone sees you leaving the bathroom they are going to assume you did it. It's not even worth explaining, just except the fact that it now belongs to you.
I went to the bathroom at work this morning after someone had just taken a horrible shit. In leaving I passed a co-worker who naturally thought I produced that smell. But now he is going to "Own it".
The same rule applies when plunging out someone else's "Log Jam" - some asshole who plugged up the toilet just before you walked in. You now own that one too!
1) To do exceedingly well at something.
2) To defeat someone or something impressively, particularly in a casual, yet brutal way - i.e routing all challengers and opposition.
3) Lapping up applause - especially after performing a difficult/impossible feat.
Also: Own Up, Owning It Up, Owned It Up, Owns it Up... Etc
"Wow, he was literally just Owning It Up back there, those noobs didn't know what hit them."
"Just give me a sec, I just need to go back and Own It Up for a while, bbl bbz."
"He/She just Owns It Up like a pro - I've neverseen anything like it. "
An utterance of encouragement to treat a person/thing as being one's permanent possession/property, free to be mistreated/misused, especially when both the encourager and encouragee know such not to be the case. Commonly done when loss/destruction of a partner/object is imminent, or when one does not take the partner's next partner/item's next owner into consideration.
Kris: I don't think it's going to work between Jamil and me. Our relationship seems so tenuous.
Paul: When you know it's all but over, bone it like you own it!
Andreas: I've been using Paul's car while he's on a 5-week hike, but I'm afraid that it's about to die of its own accord.
Booby: If it's on its way out anyway, bone it like you own it.