I had never heard of this, but my daughter says it's the name of a tv show and basically means "tricked." (Punk'd = punked) Apparently if someone has played a trick on you, you've been punked. Definitely slang!
I agree, Khoff, It is a popular show hosted by Ashton Kutcher, where he tricks and mocks celebrities; it could perhaps also mean 'make a fool out of somebody.'