The act of talking a hit and a drag in the same breath, holding it in, then talking a shot, a 5 hour energy/Red Line, drinking a beer, then exhaling. at the same time you can say, if you have smoked weed, cigs, drank alc and done an upper, you can say that you have done "The Black Diamond" that night.
Student 1: Hey, whats there to do at SJSU?
Student 2: Nothing, so lets do drugs
Student 1: Sweet! lets do "The Black Diamond!"