A video posted by Google,
In this video, when she clicks to Create a new spreadsheet, a new option, 'Punch' can be seen in the drop down options.
So what is this 'punch' ? This is something new in the Google Docs, so may be it is being used / tested internally in the Google team.
http://googlesystem.blogspot.com writes [One of the definitions of the word "punch" is "an iced mixed drink usually containing alcohol and prepared for multiple servings; normally served in a punch bowl". Maybe Google Punch is a free-form document that lets you combine data from other documents, spreadsheets, presentations and forms. What do you think?] More at http://googlesystem.blogspot.com/2010/07/google-punch.html