A "joke smoke" is that of a cigarette which is prepared for someone whom is a known bum. Loaded with horse hair/ match heads/ gun powder... it is prepared to teach a valuable lesson to the receiver.
joke joke smoke cigarette bum pest grub prank

a phrase chiefly used in northern England.

it is a contracted form of "it'll be reet", where "reet" means "alright" or "OK".

living your life according to "be reet" is the only way to find happiness in life.