Green’s Dictionary of Slang

hank n.5

also hank of hair
[SE hank of hair]

1. (US Und./campus) a slut, a promiscuous woman.

[US]W. Winchell On Broadway 24 Sept. [synd. col.] Prince George of Britain and his hank of hair, first-named ‘Kiki’, have phffft!
[US]Monteleone Criminal Sl. (rev. edn) 112: hank of hair A woman; a girl.
[US]P. Munro Sl. U. 101: Every guy in that frat loves her because she’s a hank.

2. (US campus) an unpopular person.

[US] in Current Sl. (1967) I:4.

3. (US gay) the penis.

implied in take one’s hank
[US]B. Rodgers Queens’ Vernacular 49: the penis [...] hank.

In phrases

take one’s hank (v.)

(US prison) to masturbate.

[US]M. Braly On the Yard (2002) 109: He ain’t hardly taking his hank, cause he ain’t got no nuts. Cut em off himself with a razor blade.
[US]M. Braly False Starts 232: You could shit in peace and slobber and groan when you took your hank.