to end an awkward conversation, or respond to an off-color or bad joke.
on a broader scale - and punt can be used to change a conversation's topic, or swapped in as a verbal exclamation point to emphasis one's point or argument, or even to convey excitement.
1. After hearing his coworker tell an unusually bad joke, Maxwell exclaimed, "and punt!"
2. Upon hearing his friends hired him strippers for his bachelor party, Dick exclaimed "and punt!"
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