Ready to go, full of adrenaline and fired up for any challenge,usually involving steep mountains or homemade ramps.Common useage occurs mostly amongst mountain bike and skateboardy types. Others sportsmen do on occaision borrow this phrase.

Unfortunately this is spelling is a bastardisation of the word 'stoked' which has its base in the 'stoking' of a fire - which basically gets it burning higher

Hence " I'm stoked" is the correct spelling - not "I'm stoaked"