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1.
Okey: “The Approval” (of something)
Dokey: “The Acton” (alright {or fine} let’s do it)
Smokey: “The Person” (to whomever you’re talking to).

Okey Dokey Smokey is…
1.) Used to indicate that something is finished and that something else will now be done or discussed…
Okey Dokey Smokey, let’s move to the next item on the agenda.
2.) Give approval for (or of) something, on an agenda or consent

It’s said in an acceptable, tolerable, or satisfactory manner (informal)
It is often used (in a laid back manner) after a smart ass comment(s) of an individual asking for your approval of something.
Its used on the moment: If someone asks you,
Q: “Can I just sit down for a minute?”
A: “Okey Dokey Smokey...”
by Jimmyboyandgetyourownholebitch October 22, 2006
 
2.
affirmative response
used in conjunction with spliff smoking
Q: Can I have a hit off that dube?
A: O-keyy D-okkey S-mokkeyyy
by BigDaddy11a October 09, 2003
 
3.
someone who smokes badly
Man dude julies a okey dokey smokey person
by anonymous March 01, 2003