Skrunked is when you are defeated, often in a demeaning fashion. This normally apllies to Online gaming and sports but also has other functions. It was invented by the famous british Counter Strike player Skrunk. It is similar to Pwned or 0wned.
"bob killed john with 194 dmg in 1 hit"
"aaaaah dude, you got skrunked!"
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.