The story
Etymology from Wiktionary, CC BY-SA 4.0.
Today it means: To prank or vandalize a space by rigging a can of Axe (or a similar aerosol deodorant) so that its trigger stays depressed, then throwing or placing it into an enclosed area so it continuously sprays and fills the space with overwhelming fragrance. Full definition →
Etymology from Wiktionary, CC BY-SA 4.0.