It is a gamers phrase, where the 1337 player pwns the noobie and then the leet player says OwNeD pLz Ty or you get heavily slaughtered, ty for trying.
(A Live D2 Duel)
-(Whirlwind) <- 1337 player
-(Sorceress Dieing) <- n00b
-OwNeD pLz Ty <- 1337 player
-Fucking MapHacking Bitch <- n00b
-pLz TrY AgAiN NexT TimE Ty FoR YouR MeaT n00b. ;) <- 1337 player
-Fucker <- n00b
-(Whirlwind) <- 1337 player
-(Sorceress Dieing) <- n00b
-OwNeD pLz Ty <- 1337 player
-Fucking MapHacking Bitch <- n00b
-pLz TrY AgAiN NexT TimE Ty FoR YouR MeaT n00b. ;) <- 1337 player
-Fucker <- n00b
by The Minion Master May 28, 2005