good job on ur first script
you should add abit of flood protection to it an as well as adding some color stripping.
cuz if someone tried to use it useing color text it wont work. i know you are new to making scripts, but read up in the help file /help $iif /help $strip an also silence the timers by placing a " . " in front of them like .timer as well as naming the timers.

I hope you dont mind but i came up with somthing like this. only as an example

on $*:text:/^'punch\s(\w+)/iS:#:{
  if (!%flood.punch) {
    set -u5 %flood.punch $nick
    if ($regml(1) != $me && $regml(1) ison #) {
      describe # swings to punch $regml(1)
      .timer.punch.1 1 2 describe # just punched $+($regml(1),!)
      .timer.punch.2 1 4 msg # you got knocked out in one bat! FAIL!
    }
    else { msg # $iif($regml(1) == $me,you cannot make me punch my self,$regml(1) is not in the room) }
  }
}

im in no way saying to make it like this at all, nore do i expect you to know how to. im just showing one of many ways to make somthing like this..