A concoction of words from the wonderful language of l33t. "pwncakes" is a combination of the words "pwn" and "cakes", and combined sounds like "pancakes". The term is used to indicate that a particular situation is the subject of pwnage.
Z0mG!1!!! PWNCAKES! LOLZ! J00 GOT FUCKINGPWNED J00 SHTINKING BUMSLUT! OMFG You did!! And you better liek it or I will pwn j0r mother's anus!
And dying in yo' bed many years from now, would ya be willing ta trade all da days from dis here day ta dat fo' one chance, just one chance, ta come back here as young men an' tell our enemies dat dey may take our lives but dey will never take our freedom ... YUB NUB!