Happy or glad.

As in:
"Hey you know about that party after the show?
Aw man, its gunna be the best... I'm so stoked. Take it easy bro!"
Also, used as excited or amped. I have mostly heard and used this as an expression to describe intense excitement and/or anticipation.

"Wow, the playoffs start tonight, I am stoked!"

This slang phrase probably comes from the more common use of the word:

stoked- verb, past tense of stoke- to add to a fire, to add fuel to a stove or engine.

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