A progress report concerning the status of the girl a guy is trying to have sex with. Furthermore, this term is used to describe how close a guy is to having sex with a girl and/or the details if said guy has already hooked up with said girl.
I know you are going out with that slut Ashley tonight and I expect you to text me a poongress report later.
A combination of the terms "poon" and "tsunami" referring to a tidal wave of girls, especially referring to ex-girlfriends attempting to have sex with you again. Specifically, this terms refers to an abnormally large number of girls trying to get with you in a short period of time.
Look dude, I can't meet you for drinks later. I am swept up in a poonami and I can't let it go to waste.