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1.
noun, verb, adjective

originating from the unknown prefix "sha-" and the onomatopoeic "bonk", suggesting a striking motion.

A silly word that doesn't have any particular meaning, other than to express a lack of insight to offer regarding a particular topic of discussion. Can also be used as an expletive, to express confusion, disgust, excitement...but the beauty of the word is not only its versatility in meaning, but the fact that it is disarming gibberish to be uttered when tension needs to be broken.
"I have to work a double-shift today. SHABONK!"

"If you are late to work, I am going to shabonk you over the head."

Boss: "So I need all of you to come in at 6 a.m. tomorrow for a meeting. Can we all agree to that?" You: "Shabonk." (Suggesting neither happiness or annoyance.) Everyone else: laughter.
by Jakey the Snakey October 20, 2009
 
2.
The male penis.

used mostly when suggesting a silly or ridiculous action of the penis
what if i was to pull out my shabonk and wave it around like a victory flag?!?
by jimulous January 06, 2011