Video games featuring spanking? Well, if you're running Flash Player then I can offer
this (clicky!) - there's precious little story to it though!

I do think a text-based adventure game would lend itself best. I used to have a program called
The Quill - which I'd forgotten all about until I read this thread! - for the ZX Spectrum. It allowed you to write games of that type. I'm sure there are other programs out there now that are a lot more sophisticated than that one was. DLandhill, I must check out TADS.
On the other hand, if we're talking about an arcade-type game then the spankers are better served than the spankees when it comes down to the act itself - after all, being spanked is a relatively passive activity that doesn't lend itself well to computer input.

I've often thought that the camera-type controllers that translate your movements into on-screen actions (such as Kinect for the Xbox) would be ideal for developing that kind of game.