Commonly mixed up with a wankster (wannbe/white gangster), a pankster is the peaceful version of a gangster. Panksters set out to try and demolish the common sterotypes of gangsters. While dress, speech, and personas vary in panksters, they generally dress with pants low on hips, wife beater tank tops, and over sized shirts. The things that set them apart are the fact that they will adorn symbols of peace on the person(s), and attempt to use peace to diffuse stressful situations.
Jill: Hey, did you see the fight at lunch today?
Beth: No, what happened?
Jill: Marcus almost punched Jake's lights out.
Beth: Why didn't he?
Jill: Steve, the local Pankster stepped in and straightened things out.
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.