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1.
To hold the joint so long it goes out.
Dave: "Are you gonna pass that?"

Liz: "It went out."

Dave: "Aww, you lized it again."
by Ddub420 December 30, 2011
 
2.
Short word for LEGALIZED. Evertywhere with no police or parents around. Good for some burning.
Dude, my home is 'lized tonigt! Bring up some marroco.
by Flavio F F F October 11, 2007