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.
A middle tier restaurant serving Americanized Chinese food that has long lost its roots. Frequented mostly by homies and diners looking out for a quick bite, although is being marketed as something of a fancy place, with Cordials and candles. In other words, a complete mess of a business model that is extremely inefficient in its operation and is only sustained through its rapid growth. A venture not to be invested in.
"Wanna go to P.F Chang's tonight dear?"
"Nah. I'd rather eat cat turds out of the litter box."