Ashton Kutcher made "getting punk'd" a permanent staple in pop culture, setting up his friends and other celebrities as victims of elaborate practical jokes. You don't have to be or know anyone famous to craft a well-made prank on someone you know. The key to "punking" is to get someone in a situation where something appears to go wrong, a situation where he can't control it. In the end, he'll likely feel stupid for having fallen for the whole thing. However, if he has a sense of humor, he'll share a laugh with you.
The Basics of "Punking"
Pick someone to punk. It should be someone you know very well. Make sure this person has a good sense of humor, or else you could be in for a world of trouble yourself when it's over.
Bring in accomplices to help you on the prank. At least one of them needs to be someone else close to the victim. Punking someone involves such an elaborate prank that you need multiple people for it to work. It's also harder for someone to catch on when several people are in on the gag.
Decide how you're going to punk your victim and plan out the situation. Many "punk" style pranks involve a bad event, like something the victim owns or is responsible for getting stolen or someone appearing to get hurt. This should take place during a daily routine or an errand/event your victim had planned anyway.
Pull the prank and watch the fun. It will take good acting from everyone involved to make the victim believe your bad event really happened, and it was his fault. You can be directly be part of the act, but you may have more fun hiding somewhere and watching all the action. Hiding may also help you pull it off if you're known as a prankster.
Reveal the prank just as your victim is about to completely lose it. If you've been hiding and watching, show up right then from out of nowhere, and he may catch on. Otherwise, tell him up front that you just "punk'd" him. Ultimately, the object is to get a good laugh from everyone. Make sure your friend is all right. Get him to admit that he just "got punk'd."
Example - The Missing Car
Take your victim and some of your friends to a place you like to hang out. Choose a mall, cinema or game room. Make sure you're going in your victim's car. When you park outside, make sure one person leaves her mobile phone in the car.
Get someone else to take the car. Drive it somewhere close--but out of sight--while you are all inside. This accomplice will need a copy of the car key to do it.
Wait for your victim to notice that the car is gone when you come back out. While you go off to "tell the authorities," your phone accomplice points out the phone in the car and suggests calling it.
Let your driver accomplice talk to the victim when he calls. Have him demand a ransom for the car, or he should tell the victim how much he enjoys driving it. It should be something to drive the victim further up the wall. This works best if the victim doesn't know the driver accomplice.
Drive the car back yourself. It's important so that your victim sees you behind the wheel and quickly realizes what just happened. Assure him that the car is just fine. Give him the spare key to assure there are no hard feelings.