'Punk' is a slang term, although I note that it has made its way into my dictionary, as a noun meaning a young male who deserves contempt and is unimportant.
It appears in the term 'punk rock' meaning music made by such people, that is supposed to upset and outrage normal people.
A relatively new meaning is this: there is now a TV show called 'Punk'd', which describes playing an elaborate practical joke on someone as 'punking' the person.
don't punk out on me
Despite all of the above, I haven't heard the word used in this way. I'd guess it means 'don't fail me by being cowardly'. A common slang way of saying this is 'don't chicken out on me'.
Slang can change quickly, and come and go quickly, especially when used by young people. That's what's happening in this case, I think. After you learn this expression, it's possible you might never hear anyone say it again!
Best wishes, Clive
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