Can be expression of anything positive but is usually associated with anything sexually positive. Much like the word fuck, it can be used in a number of different situations and parts of speech.
Person 1: Joe just got owned on the basketball court.
Person 2: P'chank!
Don't disturb that room, they are p'chanking in there.
Person 2: P'chank!
Don't disturb that room, they are p'chanking in there.
by Baby Hands December 6, 2007