The equivalent of a "toast" or a "cheers", however, it is primarily used in terms of smoking weed. More specifically, when the two participants touch bongs prior to taking a hit.
"Hey, man, dat 93 octane kush og skunk gas fire jet fuel smoke 3rd degree burn hash smells ripe. " -Ryan
"Gimme a fry and I'll smoke you out." -Dave
"This is it chief." -Nick
Boys who enjoy yaoi (a genre in Japan that contains sexual and/or romantic relations between two men); literally translates to "rotten boy"; corresponding female : fujoshi