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1.
another spelling for "Thanks"
"Phanks for that birthday present Grandma!"
by Xo_plungerman June 17, 2009
 
2.
Equivalent to the term idiot, phank can be used as a noun, a verb, an adjective, an adverb, or onomatopoeia. One can act like a phank, smell like a phank, possess the quality of being a phank, etc. It's an insult if used as a noun.
The actors in that play were so incredibly phank.
by Bieber Enthusiast June 02, 2010
 
3.
the smell of your fingers after she( or for some he) accidentlly sharts while you are sticking it up their butt
dude, smell this finger stained with phank
by flippy69! April 12, 2011