Taken from an episode of The Simpsons, "Bart Sells His Soul":
Moe: Seems nobody wants to hang out in a dank pit no more.
Carl: You ain't thinking of getting rid of the dank, are you, Moe?
Moe: Ehh...maybe I am.
Carl: Oh but Moe, the dank. The dank!
Dank(noun)- the stickyicky, chronic, deliciously smelling plant known as marijuana. Usually referring to a classier strand other than "shwag green." When smoked, will send large quantity of oxygen to the brain, getting the smoker "fuckin ... supa baked."
Dank(adj.) A word used in place of "awesome," "cool," and "jam."