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1. An establishing of dominance over a situation at a predetermined time.
2. A situation in which ownage is occuring.
1. "If she comes back up here talking shit, it's ownage time"
2. Guy 1: "That guy is chugging two beers and smoking a cigarette at the same time!"
Guy 2: "That's ownage time!"
by ownage time August 09, 2006
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