pwnage 

verb: A term used to express one's act or state of elite preformance. Pwnage stems from the word "pwn" which is a typographical error of the word "own". The "p" replaces the "o" because during the frenzy of gaming, the player has no time to correct any spelling mistakes. This word is traditionally used by experienced videogamers, "leet" speakers and others involved in computer minded social or work groups.

Someone made a stupid typo typing in "ownage" and the world of 1337 was changed forever. Ownage soon became pwnage.
Usually used as an insult or interjection.

supreme dominance of anyone in anything

1. When someone seriously owns the other person.

2. Lakers vsing the Cavaliers on January 12, 2011. The score was 112-57.

Pronunciation Key
v. n. pwn, pwnd, :pwnage, :pwnd

1. From the Root word Own, and Ownage, the process of defeating an opponent or opponents at various Multiplayer Online Games, including 1st person shooters and Rts game simulators.

2. To Eliminate (a character) from a game whereby the character is lost and terminated including extreme frustration, whereas slamming the mouse and keyboard helps justify the action of destroying ones own property.

3. To describe, pride, joy and accomplishment.

4. To inflict pain and frustration to opposite opponents, where the character : (semi-colon) followed by the character P, creates the word :pwnage. :pwnage in most typographical form creates a "smily face" infront of the word, ownage. Whereby creating :pwnage, which stands for "I'm laughing at your Bitc* A$$, because I just Owned your A$$".

pwnage does mean pure ownage

BUT

the word "pwn" comes from starcraft when blizzard decided that the word "own" was to much for their players so they put a profanity filter on the game which made players say "pwn" instead.