Another form of saying OWNED! However.. it adds the effect that there's an I in there.. SO it can double as "I OWNED" and so on...
Origin: An avid gamer, known only as Yoss, was the first to coin the term.
Yoss: "OMG NUT! I JUST IWNED YOU!"
Nut: "!@#$% Oh.. and I suck"
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misstyped owns that by accident became "i wins"
<dude> dude2: wtf did you do with my sister last night?!
<dude2> dude: you dont wanna know...but basicly iwns
<dude> omg!
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