"Owned" means, as best I can put it, "clearly and obviously beaten." For example, I could say that the Pistons owned the Lakers this year; translation, the Pistons made an embarassment of the Lakers.
There's a 'net-only variation, "pwned." Means the same thing, but since it's misspelled and nearly impossible to pronounce, a lot of idiots my age think it's better.
Thanks for the explination. I doubt that the majority,on this thread,knew what it meant.