Prior to the sexual slang made popular by the movie Clerks, snowballing in the context I used basically means to blindside or con someone.
One definition on Urban Dictionary:
"A situation where a criminal has found themselves in possession of an easy target and proceeds to rob them and leave them mortally wounded for fun, a synonym for getting iced."
There's also snowballing meaning a problem getting bigger and bigger when unaddressed. I'm probably using it in an older, not-exactly-mainstream way.
Could you define this phrase and what English dialect it's from?