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1.
Similar to Cheese It. Usually Involves sitting in the Car and peeling out.
"Oh shit it's the cops! PUNCH IT!"
by Hazard October 23, 2003
 
2.
Having people round your house for the weekend and Partying. Celebrating the fact they are there with punch. Preferably alcoholic in nature.
Man 1: "I have the boys round this weekend, you coming bro"
Man 2: "Bro, you should Punch It dude"
Man 1: "Dude, Punch it!!!"
Man 2: "Dude"
by TheDudeowski June 25, 2013
 
3.
When you have a free period in school and you go down to the farthest drink machine from you to waste time/ get a Hawaaian punch
Dude, I don't have any homework, let's punch it.
by freakingname December 22, 2006
 
4.
to jack off. shorter version of all the "punch the..." sayings.
i'm going to go punch it. or dude last night i punched it like 4 times. i'm just sitting around punchin it.
by max locstar May 29, 2005