The term has become ubiquitous in Internet circles and is often used outside of gaming contexts. Its progressive form is "pwning." Its noun form is "pwnage" (or "pwnge", or sometimes simply "pwned" or "pwnt"). An example: "Did you see that guy get pwned?" Appending "zors" creates a humorous portmanteau of the word, e.g. pwnzors (also spelled xors or x0rz).
lmao @ zorz