Not if it's just the fuzzy, greyish-white kind of mold (although, you should try to pick as much of the mold off as you can before smoking). If it's a thick, black mold, then you should throw it away.
It is unsafe to smoke any kind of mold. There is a new company that offers testing of medical marijuana's. They test for pesticides, mold, and other harmful substances. They also list some of the metabolites by percent.
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You could smoke moldy stuff... It will be very harsh and taste not very good though.
It looks a lot like bread mold, when the bread is first starting to get moldy. A fuzzy, white mold.