Someone who has been smoked has either been taken advantage of and then discarded, or left to take the blame for something they weren’t actuallyresponsible for.
Synonym of "owned" or "nigged" often used by a certain Dartmouth douche (also a member of Team Eye Candy), traditionally said in a high voice, leading observers to question said douche's supposed heterosexuality.
Oasis Fanatic: Who sings this song (Bittersweet Symphony)?
Douche: Umm...are you serious? OASIS! OHHHHH! SMOKED!
Bystander: No, you cunt, it's The Verve.
Douche: Oh.
Oasis Fanatic: You can go ahead and sit down cunt.