Skrunked is when you are defeated, often in a demeaning fashion. This normally apllies to Online gaming and sports but also has other functions. It was invented by the famous britishCounter Strikeplayer Skrunk. It is similar to Pwned or 0wned.
"bobkilledjohn with 194 dmg in 1 hit"
"aaaaah dude, you got skrunked!"
To be ripped off, or be in a situation resulting in a negative outcome. May have originated on the London streets, but is used by stoners, esp. regarding shit deals.
Dude! You got skanked, that 8th is well flim!
Ha! Skanked!
That biatch can't give head for shit, skanked or what!