Noun: An abbreviation for Kentucky Derby,
A marijuana smoking game where you take a drag by preferred method of inhalation (joint, blunt, bowl, bong, vaporizer, etc..) as you are leaving your place of residence, you hold in the smoke until you arrive at your vehicle.
Warning: It is possible to pass out, so remember your consciousness is more important than winning the game. If you're a loser, that is.
Smoker #1: "Hey...wanna go get some t-bell?"
Smoker #2: "Obviously, do you wanna k-derby this dude?"
Smoker #1: "Absolutely, fantastic idea if I do say so myself. Off we go then."