Wake and bake is still pretty popular today. I'll throw out some terminology and phrases and weird sayings for my area (Chicago and Central IL)
"Smoke trees til we look Vietnamese"
Smoking herb/grass/green/bud
"I call green(s)!" <--When you first load a bowl, calling greens means you get the first light/puff
Shotgun - blowing the inhaled smoke into someone else's mouth (can be done through a toilet paper tube)
Getting crunk(ed) (drunk and high)
You should probably familiarize yourself with different types of street marijuana and measurements and how people smoke it (bowls, bongs, hitters, humidifiers, "lungs").
20-sack - $20 worth
Schwag - low grade street marijuana, usually home grown and seedy
40's - like a step up from shwag
Higher grade marijuana like dank, dro, kush. Really good stuff that is "sticky".
Also, "breaking up" the smokeable part from the stem and removing the seeds (they pop/explode with heat), using a grinder to make it really fine, oh and some people suck/chew on the left over stem.
Also, when people are REALLY wanting pot and can't afford it, they get a razor blade or paper clip, scrap out the tar left over in their bowls or hitters, put it back in their chosen smoking device and smoke that to get left over THC (if any).
I knew some bad people in high school