@Ted so, in the smooth case, closed hypersurfaces still induce line bundles. so we could set up a theory of divisors and get an association divisors -> line bundles. I've never seen anybody do this in the smooth setting. I guess it's not fruitful?
particularly, there doesn't seem any meaningful way to go back from line bundles -> divisors. in the complex/algebraic setting, the point as far as I understand is the existence of meromorphic/rational sections with restricted zero loci, but in the smooth case a generic section is transversal to the zero sections and so only has finite zero locus...