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Dividing a large amount of money into smaller sums to make money laundering easier.
(No joke man, I´ve been in the banking business for two years.)
The 1.500.000 Bucks of drug money were smurfed into batches of $50.000 each and declared as an automobile dealer´s cash flow.
The act of hitting someone across the face with one's penis
I SMURFED the bus driver for arriving late; would you like me to SMURF you?; What lovely weather for smurfing
A cheesy dance that was popular in the late 80's
At the school dance, Tonya and I were smurfing all night!
Sucking someones dick. (IE: smurfinsmurfette ... Smurfette was a whore, sucking can be turned into smurfin)
That bitch is a real smurfin smurfete.
In gaming, playing a game that you already have experience with from a new account, often making very quick progression and intimidating opponents (not to be confused with hacking)
Brok3nHe4rts: that guy is so good for level 3
Xx_RampageDestroyer69_xX: he must be hacking
ItzAltraz: seems like you guys haven't heard about smurfing