To smoke Marijuana with one or more people. Or in the term Smoke me/you out. Means smoking with someone when they provide no weed, you are smoking them out.
to put one's smoke out in someone else's ice cream:
1. Rickie Lee Jones puts her smoke out in Edie Brickell's ice cream (thanks to lexicondevil at The Onion AV Club)
2. That queen tried to diss my outfit, but then I totally put my smoke out in her ice cream.
The act of smoking a drug substance until no longer in possession of further smokable material or unable/unwilling to continue smoking after becoming extremely high, most often used in reference to cannabis.