A term used by CS nerds and lamers. A part of the l337sp34k language. If someones 0wnz something - they are really good at it. If someone 0wnz someone, then they are better than that person at something.
To own something, or someone.
To slay someone in a manner making themselves look like a n00b.
To be 0wn3d would be being slaughtered by t3h 0wn4g3. (Or in heavy l33t,
0\/\/|\|493 )