1) acronym- Phat Honey Undeniably Nasty.
2) acronym- Perpetually Horny Unusually Naughty.
the word phun can take on many meanings, two of which are listed above. in any definition, however, it should be noted that phun is a word used to denote a positive quality, or qualities, found within-or without-a person.
Daaaaamn Sweetpea, you sure be PHUN tonight!
See Sweetpea over there? She is one PHUN chica!