Means to chill, relax, have a good time.
"Heres the sequel/ you can get drunk as a skunk but weeds illegal/ im forever blunted anyway/ i dont give a FUCK what uncle sam say okay? lets parlay"
Fo Eva Blunted- Nine
Having small genatalia, specifically applies to men.
"haha look at that lil wayne"
"Lil wayne has a lil wayne"