Which is about as reliable for definitions as Wikipedia is for information(they both can be changed by users). It is a corruption/misspelling of the word owned though so it makes sense to pronounce it as owned, or if you insist on having the "P" pronounced p-owned would also work.
That said I don't use the "word" but if I did I'd use either of the above I mentioned.
I don't, I generally stick to real words so as not to appear like a muppet when speaking to people.
This.
But its an entirely made up word based on the made up shorthand for the slang for another word.
Make sense?
Dude just say whatever the hell you want. You can pronounce it 'spanked' if you want its all silliness anyway, as if anyone is going to, or should, take any of it seriously enough to care.