An exclamation most appropriately used during times of excitement, complementing or bragging. Can also be used to describe objects or events that are bold or in-your-face.
Yo that chick over there just gave me her phone number. Blizzam!
Olivier: "Hey Joey I just got some black wheels for my Civic."
Joey: "Awe man I gotta see this... Blizzam!"
A blunt (hollowed out cigar, preferably a honey dutch) filled with weed, pot, grasswhatever you would like to call it and rolled together similar to a joint.