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this term is used when a typical American punks a Norwegian.
Dude from norway says " man i can so type faster than you"
American googles for typing test site takes test and skools the norwegian. 35 wpm more is the average as of right now. That my friend is called being phunked.
phunked by Imdirtydirty December 7, 2011

trailer punked 

where the movie trailer ruins the movie by revealing plots points or containing ALL the funny parts
Q:how was the movie?
A:lousy; the trailer was better and a heckuva lot shorter
and cheaper...i was trailer punked!
trailer punked by jimijimijimi November 24, 2009

Phunkers 

A small group of MySpace hackers who take over MySpaces through unknown means. Once they control the MySpace, it is transformed into a shock site with photos such as Lemon Party, Goatse, and Tubgirl. There final goal is to take over Tom's Myspace.
OMFG What did those phunkers do to my MySpace, Lemon Party is everywhere!!!

FUCK, my MySpace got phunked!
Phunkers by Phunking owned :/ July 10, 2006

PHSSL phucked

PHSSL phucked, v, (fih-sull-fuh-kd):
Pennsylvania High School Speech League holds their annual tournament in the last weekend of March annually. Despite the results of tournaments leading up to this event, competitors still manage to get metaphorically "fucked" by their judges.
"Did you hear about Mike Dahlgren? He got 2nd in finals.."
"Yeah, man, he definitely got PHSSLphucked."

"Wait, how did I get a 7 in this round?! Did I seriously just get PHSSL phucked?"
PHSSL phucked by MaggieQuigs March 28, 2009

Punked out

I got punked out by some kid at the arcade, bragging about his skills. And he delivered.
Punked out by D. Bruch December 20, 2008

Punked Out

Some how give up over Cowardliness
You punked out of a $200 bet.
Punked Out by Nice Man February 12, 2007