A phoney-bologna fictitious fake non-existant breakfast cereal; the label on the lids of some recycling bins clearly show a box of Punky Crisps cereal but I've never heard of it and I don't know where to purchase this product.
When a person you are dating/hanging out with suddenly disappears with no warning and/or without a trace. Derived from the way Punky Brewster's mother abandoned her on the TV show by saying she was "Going to the store for a minute" and never came back.