What is a Skank?

In a recently aired rerun (there all reruns now :-( ) Elaine doesn't want to get the reputation of being "The Office Skank." She says this after making out with a coworker at an office party. Now the way she used the word skank one would think it meant a loose woman. However, I always thought that slang word meant an ugly woman. Knowing the changing nature of slang words I still would like to know if Elaine used that word in it's most coomon useage or did she give her own meaning to it?

A skank is a term for a women who sleeps around. It doesnt have much to do with how she looks. Unless you use the word "skanky" then that usually implies a women dresses really sexy and/or looks cheap in some way...