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The 39-year-old star of The Pursuit of Happyness was close to being overcome by emotion after a ceremony before an audience of family and friends that included fellow actor Tom Cruise.
"I'm humble, I'm honored, my heart is just beating right now," said Smith. "I don't really understand it - I'm not used to feeling like that ... There's something in the concrete about being etched into the fibre of Hollywood."
The ceremony comes just before the release of his new film I Am Legend, in which he plays a scientist who is the last man on Earth following a virus that destroys the world's population.
Smith, a two-time best actor Oscar nominee, said he is confident his new film would be a hit.
"This one is special," Smith told KCAL9 television following the ceremony. "We made a really aggressive attempt at a different type of movie, so I'm anxious to see how people respond to it."
Smith first rose to prominence as a hip-hop artist before moving into television and film work.
A string of hits - including Bad Boys, Independence Day and Men in Black - have made him one of the most bankable stars in Hollywood.
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