What is Smoke test?

A common practice at Microsoft and some other shrink-wrap software companies is the "daily build and smoke test" process. Every file is compiled, linked, and combined into an executable program every day, and the program is then put through a "smoke test," a relatively simple check to see whether the product "smokes" when it runs.

compile all files, libraries, and other components successfully;
link all files, libraries, and other components successfully;
not contain any showstopper bugs that prevent the program from being launched or that make it hazardous to operate; and
pass the smoke test.

For more information: http://www.stevemcconnell.com/bp04.htm