A phrase commonly used by youthful action sports enthusiasts referring to something that is best, awesome, killer, amazing, or sick.
"Dude, that surfboard is the Dank Spank!"
"Bro, that skate park was the Dank Spank!"
"Homey, that jump you did on your bike was the Dank Spank!"
"Hey buddy, your boat is the DankestSpankest boat I've ever seen!"