Example 1
Guy 1: Hey man... I need to smoke some weed.
Guy 2: Alright, you got some money?
Guy 1: Nahhh, can you smoke me out?
Guy 2: Of course, I got you!
Example 2 Guy 1: Hey, I got some weed bro.
Guy 2: Ayeeee! Smoke me out!!!
Used to ask someone for (or to return) a favor. Deriving from weed culture for when someone lets you smoke their weed with them for free, is now often used to ask for any kind of favor.
Bro, I’m fuckin broke until I get paid next Friday. Could you smoke me up on a couple beers tonight? I’ll for sure get you backnext weekend.