a pleasurable way of being punished, usually in a sexual way

The act of extreme masturbation. You must "knock one out" whilst in close proximity to any of the following; Your mum, a nun, your boss, a member of parliament, George Michael. A person with capabilities to act upon catching you mid self-abuse obvisouly ups the ante. Ejaculation must be reached before your danger wank target comes (no pun intended) to investigate. The higher the chances of being discovered with one's pants down, pulling one's war face is obviously where the danger comes from. The more danger involved the harder (or softer) it is to complete the task in hand (snigger). The more dangerous the better. The chance of being arrested, pummeled by an angry father or having your hand severed by an arab's sabre means that you are a pro "Danger wanker."

A punishment that ends up being more fun than the thing you're being punished for doing in the first place.

Entering into some kind of fun activity that will leave you feeling pretty sore the next day, but with no regrets. Some examples include drinking heavily and stair diving.

Something that's supposed to be fun, but that is required, as a form of punishment, and is not actually fun.

Playing a game such as pool or a sport such as Basketball with friends who are much better than you.

Funishment. The consequence of wrong doing that turns out the be unexpectedly fun.