To burn out an electrical device such that that puff of fetid blue smoke wafts away, letting you know that "the board" is forevercooked. Doesn't necessarily apply only to electronics...burning wires counts too.
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.
1. To be much better at something than someone else
2. To diss someone so thoroughly that no comeback is possible
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.