This is a slang for saying you are going to smokeMarijuana. This is slang for smoking marijuana because when one uses a bowl it looks like they are burning a hoop.
Ex1: Hey man Im Burn'n Hoop's wanna join?
Ex2: Lets go Burn some Hoops
When a basketball player jumps so high they make the rim look non regulation as if it was a toy nerf hoop
Dwight Howard when he blocks shots that look like goaltending cause hes so high over the rim or when Blake Griffin hits his head on the backboard you may hear the broadcaster say nerf hoop