The term 'pleased as punch' is an idiom that means to be very HAPPY or satisfied. It is derived from the Punch and Judy puppet show, in which Punch is always pleased with himself after he has done something wrong. The crossword solutions for this term are 'HAPPY' (5 letters), 'ELATED' (6 letters), 'GLEEFUL' (7 letters) and 'GLAD' (4 letters). All of these words describe a feeling of joy and contentment, which is what the phrase 'pleased as punch' conveys.