A liquor called by foreigners Contradiction, from its being composed of spirits to make it strong, water to make it weak, lemon juice to make it sour, and sugar to make it sweet. Punch is also the name of the prince of puppets, the chief wit and support of a puppet-show. To punch it, is a cant term for running away. Punchable; old passable money, anno 1695. A girl that is ripe for man is called a punchable wench. Cobler’s Punch. Urine with a cinder in it.
Definition taken from The 1811 Dictionary of the Vulgar Tongue, originally by Francis Grose.
Pump Water * PunkNathan Bailey's 1736 Dictionary of canting and thieving slang
John S. Farmer's collection of canting songs and slang rhymes