Punching off is the act of gripping one's penis between the middle and ring finger. After getting a good grip, you then punch the balls and scrotum as hard and fast as possible until ejaculation is reached. It is a new form of masturbation, which has only recently been started being practiced, originating in a seedy Jamaican village.
My penis felt extremely good after punching off, however I now have an empty scrotum.
A home based or head office based employee who descends upon a smaller office (usually coinciding with the visit of the General Manager, CEO, COO etc.) and then proceeds to prance about looking important in their suits, whilst generally chatting shit really loudly telling the world their job title, where they live, where they go on holiday, yadda yadda yadda!