1) The process of burning totally and completely.
2) The process of smoking marijuana. This euphemistic term is derived from the legendary Trogdor the Burninator, who is renowned for burninating (see def. 1) peasants, thatched roofed cottages, and the countryside in general. This terminology was added to the lexicon by the Trogdangle; a secret organization of potheads based at Cornell University.
1) Trogdor is burninating the ancient home of the Kerreck.
2) Dude, do you want to go burninate?