When you're handing the joint to your homey, and one of you drops it. The next person proceeds to retrieve it off the ground, and hit it. This is called a bounce pass, because the joint hit the ground before it was handed to the next person.
(John drops J on the ground). Phil: "Aw shit man, bounce pass!" (Phil picks up the joint and proceeds to indulge.)
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A word to express excitement and happiness. Can basically be used at anytime, anywhere.
"You got an A+ on your Math Quiz." said Mrs. Fleming. "Lawl!" Noah replied happily.