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It means you're gonna punch someone in the face like Will Smith did to Chris Rock at the Oscars because of a joke about Jada. Some say it was justified because Jada cheated, but others say both were wrong for being trash humans.
I will Will Smith your Chris Rock because you said my mom was fat.
I will Will Smith your Chris Rock for making fun of my ex.
I will Will Smith your Chris Rock because you laughed at my failed YouTube channel.