Im not really liking it. It looks like a dodgy free font and the spikes hardly represent 'punk', they just look like a mistake.
i would try a different font, maybe have another shot at the spikey hair, although im not sure if the spikey hair concept will be greatly impressive unless pulled off very well. For that i have no ideas off the top of my head.
Why don't you look into the punk scene in Britain in the 70's and 80's (sorry if im wrong, that is waaay before my time!). There is some great art and design that was influenced by this, you dont have to do something that directly repesents the look of a 'punk' but more the look of the style and scene.