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1.
to quit, esp. from fear; to chicken out or back down as from intimidation;
scared or frightened to act; back down from a confrontational situation because you are too afraid to act.
After being challenged, he punked out.
You just got punked out! (=You walked away or retreated after being challenged, or verbally abused or disrespected.
von weave 16. März 2003
 
2.
to be intimidated and back down from somebody; to display cowardice; to chicken out
Yo ass got punked out by that muh-fuh.
von weave 18. März 2003
 
3.
to be raped,esp.homosexually.(This usually refers to men).
The orderly looked at the prisoner and said,"Isn't that the guy who got punked out?"
von David 13. Januar 2004