Teams can and do punt before 4th down for a variety of reasons, but mainly it is because it gives them a strategic advantage that exceeds what they could reasonably expect to get by maintaining possession of the ball and trying a few more plays. For example, if the weather conditions are really bad, and their offensive efforts just aren't cutting it, it might make more sense for the offensive side to punt it away and let the other team take over, pinned down far back in their own territory. Also, a punt on the second down is probably a "quick kick" also known as a pooch kick - likely done by the quarterback - done in such a way that it catches the defensive team off guard, since they're not expecting a punt. As such, the defensive team doesn't have a receiver back down field to receive that punt, because all their players are lined up normally. If the punter does his job well, he can put the ball way back in the defensive team's back field, which forces them to resume play at a less than desirable field position.
And don't assume that punting on second down is all that extraordinary: there are records of games played in extremely snowy weather conditions where teams in possession of the ball actually punted on first down. Read about the "Snow Bowl" game of 1950 between Michigan and Ohio State: http://en.wikipedia.org/wiki/Chuck_Ortmann#The_Snow_Bowl This explains pretty clearly why a team would chose to give up the ball early and punt it away, without bothering to play all four downs.
I noticed in the football segment they showed on the TV in "Hatful of Rain" that the game was being played in very muddy, winter-like weather conditions, so the above reasons for punting before 4th down would apply to that game and actually make sense.
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