Combination of the two internet phrases "lol" and "pwnd" in somewhat of a parodying way.
Used basically in the same way as "pwnd" or "owned".
Pronounce each letter of the acronym "L.O.L.", and the whole thing is pronounced back to back as if it were one word ("L.O.L.-powned")
Shadow: "Whoa. He killed me in one hit!"
Used to refer to someone, usually your friend, in a way that is making fun of supposed black slangs, similar to G' Slice.
Its origin is related to the purposeful mixture of the two phrases "word up" and "home slice", into "Home up, word slice?"