I would love to see a plant grow in zero gravity. i.e Space. Nasa must have done experiments. I wonder if osmosis would be affected... In fact it would be quite interesting to see how exhaled smoke behaves in zero gravity.... Sorry, I digress.
Osmosis works by pressures created by differing concentrations of particles and is not gravity dependent.
Needless to say, generating lots of smoke (let alone fire!) is not a particularly clever thing to do within artificially maintained sealed air environments, like, say onboard a space shuttle. If you want to "medicate" in space, I'd suggest a vaporizer!
If you did it anyway, the smoke would behave like any other smoke. . .that is to say it would diffuse through the air. The only difference would be no increased tendency for smoke particles to fall downwards, though in practice, I doubt you'd notice any difference.
Back on upside down growing, this is not exactly a new concept. . .people have been growing things this way for quite a while, at least decades, if not centuries. So you'd think if this were REALLY better for growing cannabis (which some think is the worlds oldest crop), someone would have noticed by now!
In terms of how to actually go about doing it, there is tons of stuff written out there on how. Here's a nice article on the fad from the New York Times, including good commentary on pros and cons:
http://www.nytimes.com/2010/05/20/garden/20tomato.html
Fundamentally, I don't see any reason why a common tomato or other upside down gardening pot couldn't be adopted for cannabis.