The same as nerf, actually it means nerfing something to utter uselessity. It originated from the general approach of Blizzard Entertainment to nerf powerful things until they become totally useless.
This also applies to times when something is fixed that was never actually a bug, but is passed off as such.
A blizzle is another word for a rillo or blunt thats tobacco has been removed and replaced with marijuana. Sometimes, tobacco is mixed with the marijuana, but this is not the preferred method of marijuana purists.
"Let's burn this blizzle down!"
"Hey pass that blizzle over here."