Punting on First Down is a term that means to squander an ample opportunity, or to not attempt an endeavor at all. Punting on first down is (usually) a waste of your other 3 chances to move the ball in football. By punting you have forfeited those other 3 downs and given the ball directly back over to the opposing team.
"I knew Jim would punt on first down, when he didn't even ask Pam out, even though she made itobvious she was into him."
Kind of cousin of the Dirty Sanchez. Here, while banging a girl from behind, stick a finger up her ass and get some poo on your fingertip. Then put a little on another finger on your other hand. Right when you cum, rub a finger under each of her eyes, giving the appearance of an athelete's eyeblack, and then yell "First Down" and make the hand motion a football ref makes for a first down.