What it means: Something has happened to you that has made you ecstatically happy. Where it comes from: Punch and Judy has been a popular puppet show since the 17th Century, even if it does involve a plot based solely on domestic violence. Anyway, Punch of course is the one who adores violence and killing brings him pleasure. So when you're happy, you're pleased as Punch (after he's just fobbed off some guy).
