"Blaze your /(ya) dead homie" is a phrase used to describe a common practice among devoted "Homies" or tight friends in urban areas and hoods. This practice include (with the concent of the departed) Taking the ashes or a close item of said dead "homie" amd rolling it with marijuana, then smoking it.
"Yo, homes Buck just went man, we need to blaze your dead homie, show respect."
"You got the dro?" "Man, we gonna blaze dead homie, mad respects to Doe."