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1. a male prison inmate fucking another male prison inmate in the ass
2. succesfully playing a practical joke on someone

Originally, the word "punk" was prison slang, meaning the first defintion. the second comes from the idea that fucking someone in the ass is a sign of disrespect (such as male dogs humping one another to show dominance, instead of sexual attraction, which could very well be the motive behind prison rape as well)
"here come' bubba, you 'bout to get f'd in the a' ok?"
punking by Honest Jackson November 9, 2004
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n.
the act of throwing your own ejaculate at someone, most often at their face.
Monkeying, that's shitting in your hand and throwing it at someone.
Buttercupping, thats farting on your hand and cupping it over someone's face.
Punking, that's the apotheosis of bodily fluid weaponization.

"Aaaaargh, my eyes!"
"You just got punked, bitch."
punking by trollbog December 14, 2011
To walk around a town or city, destroying random things. To be obnoxious or annoying.
OI, MIKE WANNA GO PUNKING WITH THE CLAN?

Those assholes are punking.
Punking by Vicious Spikecraze January 28, 2009

punking off 

wtf are u doin in the bathroom so long, PUNKING OFF?

Punking Swabs 

A term referring to casual sexual intercourse or beating someone up.

Most unique for its definitive ambivalence, it is commonly accepted as the embodiment of the two prevalent, albeit contrasting, desires of a man by the end of a night of drinking.
Punking swabs can have several tenses.

'So I took that girl back to my place and we punked swabs'

'That mothafucka trippin, fool betta stop clownin 'fo he gets his swabs punked'

'If I haven't punked swabs one way or another by the end of the night, I'm gonna lose it'
Punking Swabs by Tone Booya November 9, 2008

street punking it 

When a person sleeps outside in a public place because they either got kicked out of their home or they don't feel like going home (And sometimes they just feel like it). Mostly occurs among teenagers in suburban areas. Many kids street punk it in groups at places like elementary school playgrounds and behind grocery stores or shopping malls.
He was street punking it at the playground last night because his mom was on crack.
street punking it by You Animal October 26, 2006

face-punking

the art of punking people on face-book. creating the identity of a person that is know by many of your friends, yet is not on facebook. you then use the fake facebook profile to try and connect with friends by using rude and crude messages and wall posts. with offending people enough for them to "un-friend you" being the ultimate goal.
i am face-punking dave right now into thinking that (person created) wants to have a 3 way with him, and he is now calling me to tell me about it.
face-punking by ronnie aioki February 9, 2010