Sarcastic comment to insinuate the awesomeness of a specific event, situation, action, circumstance, other noun, etc. Can be used in both a positive or negative context, but usually the latter.
Dude, mandatory community service is smokin' balls!
Man, your pictures from last night were so f'ed up; what were you smoking?
Dude, smokin' balls!
person 1: ayo my nigga
person 2: wsp g
person 1: did you hear that lennon die person 2: oh fr, fuck that nigga
person 1: ya fr, we smokin that lennon pack
As the person doesn't like him and they are happy he's dead, they say they are "smokin that lennon pack".