...from Webster's New World Dictionary of The American Language: Modern Desk Edition (1971)
punk (punk), n. [< Am. Ind.], 1. decayed wood or dried fungus used for tinder. 2. any substance that smolders when ignited, used to light fireworks, etc. punk (punk), n. [Slang], 1. a young gangster. 2. a young person regarded as inexperenieced, insignifican, etc. adj. [Slang], poor in quality.