I am no expert with words so i am going to draw several explanations from the respectable online urbandictionary.com which contains all the definitions to slangs. It even have the meaning to the famous Australian slang "crikey!". If you want to find out what it means, you can copy that word/slang and search it there.
From the urban dictionary;
A donk simply means a bad poker player.
Here i briefly sum it up; "A donkament is a poker game/tournament mainly consisted of a large pool of unskilled players.
From there you can add something along the line like, donk fest, donkalicious, donkarama, and lately bodonkey (bodog donkament). Well mostly the tournaments were organised by bloggers and sometimes with a unique password that you can get a kick laughing at it. Since i started blogging not too long ago, might as well find out what bloggers mostly do.
Moving right along, besides tournament there is also a test that you might need to take to gauge on your poker skills before you graduate. I just found this out recently. The test is offered by Donkeytest.com and it can assess your poker quotient similar to an IQ test.
However to fully take the test there is a fee which you will need to pay. To view a sample, you can check out pokertaswegian blog post. The result page where he posted is very detail and it is the first time i am seeing it myself. I might have to gather a few dollars to do it to find out mine or maybe NOT. I won't reveal it here if i do....
Read about selected online poker rooms at CHIPSTAKESPOKER