Bobby Flay's method of smoking a prime rib is to dry rub it with spice, marinate it and smoke the meat for the appropriate amount of time for the size of the prime rib. Use the type of dry rub and marinade that suits your taste.
Rub the prime rib with a spice rub and place it in the refrigerator for four to eight hours. Remove it from the refrigerator 30 minutes before cooking, and let it sit at room temperature.
Prepare your smoker appropriately for the type of unit you are using. It needs to be at about 250 degrees Fahrenheit. Sprinkle the prime rib well with salt and place it fat side up on the grill grate. Keep the temperature steady, and replenish the fire with fresh coals and wood chips (or just wood chips for a gas smoker) as needed.
Cook until the center of the prime rib reads 130 degrees Fahrenheit on an instant-read thermometer. Stop adding wood chips during the last hour of cooking, and start basting regularly with a marinade or sauce of your choice.
Remove the meat from the grill and brush again with sauce, cover it loosely with foil and allow it to rest for about 20 minutes before serving.