1) used to describe somthing's small and / or inadequate stature and size.
2) a term meaning lame.
1) How am I supposed to write with this pencil, it's way to graunke!
2) Timmy's act at the talent show was rather graunke.
to interject a completely random and nonsensical statement into an uncomfortable conversation for the purpose of distraction.
Girlfriend: So where are we, where do you see this relationship going?
Boyfriend: Monkey-butt cheeseburger!
Girlfriend: Don't graunke me! We need to talk about this!