The act of making a controversial, NSFW, and/or offensive pun. Punambulism is a play on words between pun and funambulism (The act of tightrope walking) since when you do punambulism you're usually on thin grounds.
*Pelvic thrusts on grapes* Hey look Johnny, I'm a "grapist"!
Careful there, that's punambulism!