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]