Pwn
The verb pwn (past tense: pwned, pwnd, pwn'd, pwnt) (pronunciation is still widely debated) as used by the Internet gaming culture, means to beat or dominate an opponent (pwned can mean "to be made a fool of"). While it probably originated as a typographical error of the word own, it is now used intentionally by many members of the culture. The term has become so ubiquitous in Internet circles that it is often used outside of gaming contexts – for example, "He just got pwned in that debate", "The hunters pwnt that bear", "Liverpool opened a can of ultimate pwnage", "I got pwned on the SATs", "NancyDrew just got PWNED with the brute shot!", or "I just pwned that job interview."
Origin
The word "pwn" is an internet variation on the word "own". It was first used when a map designer accidentally typed "pwn" instead of "own", in the game Starcraft. The game was then released with this spelling error. When a player has been beat, the message "______ has been pwned" shows up. The game producers later fixed this with patches, but it remained in the volcabulary of 1337 or leet speakers. It was originally used when someone is far more skilled than his/her opponent. Recently it is picked-up by literate role-players in web forums, as the act of being greater than someone else.
The word "pwn" is used as a web slang only, and has no correct pronounciations. Although many will prefer to pronounce it as own if it would ever be used in real life, some would pronounce "pwn" like "puh-own" or rhyming with "moan."
See also
Starcraft is gay. The word came from Ultima Online, shitbags.