A terminology used to describe the internet as a place. Mostly used by people who watch porn, with computer parts.
Rj-I will go over to your interwebz and beat the living shit out of it and eat your fucking donuts and then you will have to come to my interwebz because yours is broken. I will have to tell you to GTFO of my interwebz, you fucking faggot.
Interwebz points (or interwebs points) are an unofficial currency of internet chatrooms and discussion boards. They don't count for anything, but some folks still "collect" them as a badge of honor. Originally used positively as a means of recognizing another's kindness, may also be used sarcastically to highlight another's status as a noob.
Thanks for the awesomevacation suggestion, TheTopDog, +10 interwebz points for you. ASSMUNCH1337, your suggestion sucked, -1,000 interwebz points for you.