My slang dictionary defines skank as an undesirable or malodorous woman or a prostitute. Most slang dictionaries aren’t big on etymology, and standard dictionaries don’t define skank in this sense. I never gave it much thought until yesterday when I heard someone use “skonk” as a humorously unsophisticated pronunciation of skunk. Now I’m wondering if skank is derived from (or influenced by) skunk. The “malodorous” part seems to fit, anyway.
There’s also a verb skank meaning (among other things) “to steal”, and a Jamaican dance called skank (derived from “ska”?), but I’m not sure if they are in any way related.