when you get really fucking high and when you start to eat a krispy kreme donut and then next minute, it goes missing.
dude1: oh shiit!! LOL i finished my krispy kreme donut ?
dude2: thats a ghost donut....narley
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Much like "ghost ride the whip" but while doing donuts. You set a brick on the accelerator, turn the wheel, and sit on the roof of the car while onlookers fantasize doing kinky-spinny-shit to you.
Mary-Anne: Wow, I've never seen anybody ghost donut the whip before!
Jane: Yea, I'm totally giving him my number when he's done throwing up.