When was that brief period in the 2000s where ska got really popular and "skanking" re-entered the public consciousness as a dance style? Because I could imagine that inside Apple people thought of the "silhouettes dancing with iPods" ads as "skankPod" ads. That would make "Skankphone" a pretty obvious nickname for a phone project.
I always though that was an ironic title, seeing as Skank and Skanky have always had a pretty strongly negative connotation in the southern UK dialects. Fatboy being a Brighton resident at the time, and pretty trendy, I assumed it was along the same lines.