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1.
When telling someone that they have to put up with whatever you are doing, or are going to do, basically telling them to 'shoop', an Alderley homie could say "Smoke it!"
"Don't put your drink down there" "Smoke it!"
by BrynD September 26, 2006
 
2.
To give a man a blow job
Dude: Smoke it!
Girl: Ewww
by Tim April 08, 2005