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Originally prison slang(as we know) for being stabbed by a crude improvised weapon. In area's like London(East london, North, West and South) It simply means stabbed-The word is used popularly by gangsters and delinquents.
Ill shank you bruv
Look yeah, duck out or ill shank you
You wanna get shanked?
Safe then ill shank you.
shanked by Ninpo-Bugei July 28, 2006
Related Words

Mouth Shanked 

The effect of biting into a tortilla chip and having the vertex/vertices pierce the lining of the soft tissue/gums in the mouth.
Willy bit into the tortilla chip and it mouth shanked him in the gum.
Mouth Shanked by BoomDaddy2173 December 30, 2018
A blanket with sleeves that is used to keep arms warm while reading, going on the computer, etc.
I was watching TV with my slanket on and I was uber warm.
slanket by latenighttelevision December 10, 2008
prison slang for getting stabbed with a home made knife repeadedly and swiftly
"you better gimmie dat cornbread son, or you finna get shanked!" said inmate dontrelle to his cellmate
shanked by max powell April 20, 2005
To be beaten decisively in a contest, especialy a sporting event.
Man, our team got spanked!
spanked by Borble August 20, 2003

Spanked with a Waffle Iron 

Ass has dimples as if they had actually been spanked with a waffle iron. Or, their ass resembles 10 pounds of cottage cheese in a five pound bag.
That fatty looks like she's been spanked with a waffle iron.