Punk Shot plays like a traditionnal basketball game but with street elements added to the gameplay and it's two against two. The players can punch or kick their opponents also various obstacles such as fire, hole on the ground, crows who fly at players, cats who throw garbage on the floor etc, add interesting elements to the gameplay.
Two teams are selectable in the game; The Ramblers and The Slammers. Each team has two different characters: for The Ramblers, Basher and Stallion, and for The Slammers, Hair and Spike. Up to three different areas are available (each with their unique sets of obstacles): The Park, Downtown and the Harbor.