Poor qulity marijuana, reefer, weed, pot, 420, skunk, etc. etc.
WalterBailey broke out his swag bag and wanted to add some of his reefer to Willie Joes blunt, Willie Joe exclaimed, "Yo get that schwag bag full of dill weed the hell away from my blunt bitch!" "Dat shit be some serious dill weed!" WalterBailey cried and said "I'm so uncool".
A person not having AT&T as his/her service provider. Being oblivious to the fact that his buddy was trying to call him with freebasketball courtside tickets.
Bill is a dill weed because he doesn't realize the importance of having AT&T wirelesscellular service.
Dill weed is typically used as an insult. It usually means when a person has low intellectual, retarded, an asshole, or a being a cunt. Usually people that have their names as Nick.