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There are two possible meanings. The first meaning refers to getting extremely intoxicated to the point where you can no longer stand up straight. The second meaning refers to when somebody has wanked one out in a nearby outhouse.
Person 1: Dude, I'm so shpanked right now.
Person 2: Well no duh, you took a 6 minute keg stand!

Person 1: I feel so much better, I just released all of my sexual tension.
Person 2: How did you manage to do that?
Person 1: I just went and shpanked one out in that outhouse over there.
by The McClapski March 01, 2017
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