Just got back to Indy hate flying but thank God we made it
Smith was cut from the team just prior to the start of the 2010 regular season. He had a somewhat medicore preseason, and on a team featuring wideouts like Reggie Wayne and Austin Collie, it wasn't realistic for Smith to crack the 53-man active roster.
However, with Anthony Gonzalez done for the season, and with Collie possibly out against the Bengals with a concussion, bringing in Smith for a game or two would make sense.
[UPDATE]: The Colts cut Andre Brown again. This means there's a roster spot open, and logic suggests a wide receiver will get signed because, currently, the Colts only have three healthy ones on the roster.