1. The first is a derogatory name for a dirty woman. Think of it as a synonym for slut.

2. The second is a term describing a dance style usually associated with ska music. (http://en.wikipedia.org/wiki/Skank_%28dance%29)

Here’s the general word page at wikipedia that shows all the different meanings:

http://en.wikipedia.org/wiki/Skank_%28disambiguation%29

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[Of Jamaican origin.]

noun

A rhythmic dance performed to reggae or ska music, characterized by bending forward, raising the knees, and extending the hands.

Disgusting or vulgar matter; filth.

One who is disgustingly foul or filthy and often considered sexually promiscuous. Used especially of a woman or girl.