The Collaborative International Dictionary of English v.0.48:

Punk \Punk\, n. [Cf. Spunk.]
   1. Wood so decayed as to be dry, crumbly, and useful for
      tinder; touchwood.
      [1913 Webster]

   2. A fungus (Polyporus fomentarius, etc.) sometimes dried
      for tinder; agaric.
      [1913 Webster]

   3. An artificial tinder. See Amadou, and Spunk.
      [1913 Webster]

   4. A prostitute; a strumpet. [Obsoles.] --Shak.
      [1913 Webster]

WordNet (r) 3.0 (2006):

punk
    adj 1: of very poor quality; flimsy [syn: bum, cheap,
           cheesy, chintzy, crummy, punk, sleazy, tinny]
    n 1: an aggressive and violent young criminal [syn: hood,
         hoodlum, goon, punk, thug, tough, toughie,
         strong-armer]
    2: substance that smolders when ignited; used to light fuses
       (especially fireworks)
    3: material for starting a fire [syn: kindling, tinder,
       touchwood, spunk, punk]
    4: a teenager or young adult who is a performer (or enthusiast)
       of punk rock and a member of the punk youth subculture [syn:
       punk rocker, punk]
    5: rock music with deliberately offensive lyrics expressing
       anger and social alienation; in part a reaction against
       progressive rock [syn: punk rock, punk]

Moby Thesaurus II by Grady Ward, 1.0:

168 Moby Thesaurus words for "punk":
   German tinder, JD, Mickey Mouse, a nobody, a nothing, amadou,
   amiss, auntie, awful, bad, balderdash, baloney, barbarian, barfy,
   base, bi-guy, bisexual, bosh, brat, bull dyke, bum, bunk, bunkum,
   butch, catamite, cheap, cheesy, chicken, cipher, claptrap, coarse,
   common, common man, crappy, creepy, crummy, delinquent, dirty,
   dissatisfactory, dummy, dyke, elf, enfant terrible, fag, faggot,
   fairy, femme, figurehead, flit, fourth-class, fricatrice, fruit,
   gamin, godawful, goon, goshawful, grim, gunsel, had, hairy,
   hogwash, holy terror, homo, homophile, homosexual, homosexualist,
   hoodlum, hooligan, hot, icky, imp, inferior, insignificancy,
   invert, irregular, jackstraw, jerkwater, juvenile delinquent,
   lesbian, lightweight, little fellow, little guy, little monkey,
   lousy, low-class, low-grade, low-quality, low-test, man of straw,
   mean, measly, mediocrity, minx, mug, nance, nebbish, niggling,
   nobody one knows, nonentity, obscurity, one-horse, paltry, pansy,
   pathic, pettifogging, petty, picayune, picayunish, piddling,
   piffling, pip-squeak, poky, poor, puck, punk kid, puny, putrid,
   pyrotechnic sponge, queen, queer, rotten, ruffian, runt, sapphist,
   scrub, second-best, second-class, seedy, shabby, shitty, shrimp,
   small fry, small potato, small potatoes, small-beer, small-time,
   spoiled brat, spunk, squirt, squit, stinking, stinky, tacky,
   third-class, third-rate, thug, tinder, tinder fungus, tinderbox,
   tinhorn, tinny, touchwood, tough, tribade, two-bit, two-by-four,
   unimportant, unsatisfactory, up, urchin, vandal, vomity, whiffet,
   whippersnapper, worthless, wrong, yahoo, yecchy