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1.
to slice, cut, or stab by contact, usually by hugging.
Tajuan shank'd Phil as he walked by.
by Mz. New Booty March 14, 2006
 
2.
On the game Super Smash Brothers Brawl, it is used to refer to being struck by an item and getting KO'd by or to lose the match due to item interference.
Oh dude, you just got Shank'd by a beam sword.
by Jade Auros September 03, 2008
 
3.
Used in a game of Super Smash Brothers Brawl where someone has such immense luck with getting items that's so incredibly ridiculous, that it's enough to completely make any kind of skill, no matter how great, obsolete.
Guy 1: GOD DAMN IT! That's the FIFTH fucking time he's gotten a legendary pokemon! Fucking stupid Kyogres!

Guy 2: Damn, man, you're getting shank'd real bad.
by Zenshra August 29, 2008
 
4.
An amazing online TV show made by NickShep Productions. Involves simple storylines, kicks in the dick, and of course, random shankings. With Richard Keys and Malik Johnston.

www.myspace.com/nickshepproductions
"Did you watch SHANK'D last night?"

"Yeah, dude, it was fucking awesome!"
by NickShep February 09, 2008
 
5.
A poker term, clasically used in No Limit Hold 'Em, describing a process where a player with a great hand gets defeated by a huge underdog on the turn or river.
Underdog holds pocket 4s, other player holds 6,7 hearts. Flop comes down 4, 2, 10 hearts. Underdog goes all in, other player calls. 4 comes down on the turn.

"Kid I just shank'd you with my quad 4s!"
by shanx February 08, 2006