To hangout, meet, or chill with your friends. Typically includes smoking weed however is not exclusive to it (see getting h’d). The word can be applied in many ways, commonly after the activity being described: boat pank, mud pank, or cave pank are all common uses.
another form of high five but instead of slapping palms, you each hold up one pinky and slap your pinky and the side of the other persons pinky together. pank on the pinky.