To not take something seriously, believing the whole thing to be just a joke. It can also be used to describe not putting your full effort into something.
Teacher: All you do is fuck around in my class and break the rules. Don't blame me for your shitty grade.
Person 1: That same fucking cop arrested me again!
Person 2: Well then don't piss him off. I know that guy, and he doesn't fuck around.
A massive, epic firefight.
Teacher: When the Soviets invaded Berlin, the entire city became a massive bullet festival.
Matt: I suck at Call of Duty. The matches are just freaking bullet festivals where I keep getting killed.
Verb. To use an extremely epic move or tactic in anything that grants the user instant victory.
Teacher: The atomic bomb ended the war when it was dropped on Hiroshima and Nagasaki. In a sense, we basically Falcon Punch'd the Japanese so that we don't have to drag the war out any longer.
Michael: So I was playing poker with John the other night, and I had a three of a kind of fives on the last hand.
James: Did you win?
Michael: No. He pulled a goddamn straight flush out of his ass and won the game.
James. Damn man! He Falcon Punch'd you!