both a noun and an verb.
verb: a code name used as a substitue for toking up, smoking out, hitting the bong, etc.
noun: Also used as a substitute for the words pot, marijuana, mary jane, hashish, cannibus, weed, dope, etc.
Are you guys going to be having presents at dinner tonight?
There's going to be hella presents tonight.
unreciprocated oral sex (not reciprocated with sex either).
Raymond gives all the girls presents