1. Literally, to punch a hole in or otherwise mark one's ticket, especially for a bus or train, to show they have paid the fare to ride. An attendant will come around to punch your ticket after we leave the station. If you fail to show a valid ticket or provide prove of identification upon request, you may be subject to a $50 fine.

2. By extension, to perform an action that allows one to proceed, especially in a competition. With a win tonight, they will punch their ticket to the tournament. If this deal goes through, you'll have punched your ticket to the corner office.