2) Bluffed out of a pot in poker.
3) A big upset in a fight.
Punked in verbial form: "To make a punk out of someone."
Police officer #2: WTF! you idiot! you're supposed to pull your gun out with your badge!
Police officer #3: You just got punked fool.
2) Damn, that guy had 2 7 offsuit, you got punked man.
3) Yao Ming took down Shaq? Yea he got punked.