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It is the street term for the psychoactive substance derived banana peels. It is smoked, inhaled, or injected for an intense high between LSD and DMT. Supposedly US Soldiers used to smoke "banrack" in Vietnam.
A banana is treated with a series of lighter fluid and ether for a span of a few days, then allowed to dry. Then you have banrack, and it is smoked. There are often several other methods, and other ways it is smoked similar to crack.
banrack by Adam C. B. February 19, 2008
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To ban a bitch. Usually preceded by a hash-tag.
we should really banjake.
banjake by OlympicPenis August 25, 2013
Related Words

bagjacket 

the act of giving a handjob under a jacket in a theater.
did you hear about jessica bagjacketing alex?!
The act of masturbating while hanging upside down, as a bat would hang from the ceiling.
Did you see the man in the trenchcoat, doing the batjack from a lamp post?

He was batjacking on the chin-up bar.
batjack by BatmanJackin' November 27, 2007

bagjacking

Reference to jerking off in a very forceful manner, such that the testicles are bounced, or "jacked"
We didn't get much work done, but we did a lot of bagjacking.
bagjacking by Chuck Woolery June 28, 2003

binjacking 

The art of disposing of your refuse in a bin belonging to another individual
Did you put that bag of dog poop I collected off the lawn in the bin ?

No , I binjacked next doors bin to hide our shame

Oh no , binjacking again
binjacking by Chris ord March 12, 2015

Banzacked 

To be ridiculously/ outrageously drunk. To be hammered on alcohol. Severe alcohol intoxication. When you have very little blood in your alcohol system.
Tom:Oh my God Dan drank so much tequila last night
Jack:Yeah he got so banzacked!

Zack:Do you remember last night?
Ben: No dude I was f***ing banzacked!

Banzacked by danman86 December 22, 2008