Yes, this IS what it means emphatically and without a doubt.
Usually perpetrated by close friends who wish they could be a "gamer" like you (ME) and pull off moves they can only dream about before squirting in their sheets.
See also S.M.E.F.T. & S.M.M.E.T. !!!!
Slight variation on original, usually thrown around a room when said friends (Colski) multi-tap buttons in a mad frenzy trying to defeat opponent looking very stooopid and Flid-like.
Colski: Hah I beat cha ya butch !!! (panting frantically as if running from the KKK in Georgia, not noticing that fingerprints have been burn off and game-pad has been melted into a new shape)
K Man: Well what do you expect when you use the button constantly ? SMET muthafucker SMET !!!