Trend spotting and trend leading domaineer Adapt, Inc. has just acquired a number of "funk" domains to get ahead of the emergance of the term after a few years with little usage. The domains acquired include:

Funkable.com
FunkingJerk.com
FunkingMoron.com
FunkThis.net
FunkMe.mobi
FunkThis.mobi

Dictionary.com lists multiple references for funk, but the most applicable ones here likely are:

Noun - music having a funky quality.
Noun - the state or quality of being funky.
Noun - An earthy quality appreciated in music such as jazz or soul.
Noun - A type of popular music combining elements of jazz, blues, and soul and characterized by syncopated rhythm and a heavy, repetitive bass line.

Although it appears to not be defined at Dictionary.com in the musical version of the verb, we would suggest that one may also "funk", as in "Let's funk" or "Funk this". It is certainly used that way in day to day language.