verb. when one does something particularly punk rock or to make one's appearance more punk rock (i.e. a spiked-up mohawk would be "punked out"). has nothing to do with the bad kind of punk, like in prison.
"hey man, you should punk out tomorrow and wear the bondage pants with the bullet belt"
To be intimidated to the point of retreat.
"come on man jump..don't punk out"
" I just punked out 5 guys with bats by showing them my gun"