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1.
MMORPG: The very common practice of giving a lower level character items he could not have obtained on his own. Most MMORPGs have level requirements on items to reduce the effectiveness of twinking.
I twinked out my level one Sorceress with Tarnhelm, the Eye of Etlich, and two SOJs.
by Rast September 06, 2004
 
2.
When you place a Twinkie on somebody's porch, ring their doorbell, and hide to see their reaction.
"Dude I heard you went twinking last night, how was it?"

"You should have been there. He picked it up and looked around for like five minutes before going back inside. Priceless!"
by twinkersferdayz January 21, 2012
 
3.
As to sticking a twinkie up someones (or you own) anus...
Steve likes to go twinking on Sundays
by ketfofet1212 April 01, 2006
 
4.
The act of matching, like twinkies match.
"Kate, you and me are twinking today!"
by Little Rabbit December 11, 2007