La Chilindrina usa las navajas de don Ramón

What does “sacar punta” mean in Spanish?

Sacar punta literally means “to make a point” — what you do to a pencil with a sharpener, sacarle punta al lápiz. Its figurative life is the payoff: sacarle punta a algo means to nitpick, to twist words, to find fault or hidden meaning where there is none. Le saca punta a todo lo que digo — “he reads something into everything I say.”

A pencil sharpener is a sacapuntas, a transparent compound: saca (“sharpens”) + puntas (“points”). The figurative sense can also tilt toward shrewdness — sacarle punta a una situación, to wring advantage out of a situation with a bit of cunning. In the clip the literal use is the gag: sacar punta a los lápices, simply sharpening pencils.