Abbreviation of Shank's Pony/ Shank's Mare. To "walk it" instead of some other mode of transport.
"Oh man I'm tired, I just shanks'd it from the other end of town."
"How did you get here, shanks'd it?"
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A homeless person who lives rough on the streets. Also a street begger.
"Kid: Oi streeter, get a job!
Man living rough on the streets: Get one ya'self spange!"
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