The extreme nerdbonicstranslation of "ownage". Originally the "o" was replaced by "p" to "pwnage" through typos via IRC. Further metamorphasis of the word include "pwnd" (owned) and this word, "pwnij".
1. A player that pwns without being seen.
2. A guy that hacks, and has invisibility, and pwns everyone.
3. A player in Halo 3 that has invisibility cloak, and kills over 5 people in a row without being seen.