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A rare form of materia (see: Final Fantasy) that contains highly refined ownage, hence Ownagi.

Ownagi is different from normal ownage because it also requires seemingly impossible odds to occur while appearing to have no bearing on said ownage at all.
Fred: AMG some guy showed up in game and owned my whole clan even though he had no idea what we were doing before that and we're all focus firing him as team!

Jess: Ownagi has unlimited range and no cooldown, noobslice.
by Leetsauce Cheeseburger March 08, 2010
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From the word owned.Ownagi is a combonation of owned and mr.miyagi from the karate kid and means super skillfull ownage
jim is fighting a huge guy at the side of the road so the big guy swings at jim but jim dodges it, pokes him in the eyes, kicks him in the balls, flips over him and pushes him into the road where the big guy gets owned by two trucks.
OWNAGI!!!!
by moky June 02, 2007
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