When using duct tape, pundling means making cuts in the tape that are not as wide as the original duct tape. This can be intentional, as in when you need a smaller piece of duct tape than can be given with a normal strip, or unintentional, via accidentally tearing the tape down the middle.
"Can you tear me off a smaller piece? This is too wide."
"Yah sure, let me just pundle it."
"Fuck man, pundling just cut my duct tape down the middle!"