Deep SCUBA surveys have uncovered a large population of massive submm galaxies (SMGs) at z>~1. Although it is generally believed that these galaxies host intense star-formation activity, there is growing evidence that a substantial fraction also harbor an AGN. We present here possibly the strongest evidence for this viewpoint to date: the combination of ultra-deep X-ray observations (the 2 Ms CDF-N) and deep Keck spectroscopic data. We find that the majority (~75%) of the spectroscopically identified SMGs host AGN activity; the other ~25% have X-ray properties consistent with star formation (X-ray derived SFRs of ~1300-2700 solars/yr). The AGNs have properties generally consistent with those of nearby luminous AGNs (L_X~1E43-3E44) and the majority (~80%) are heavily obscured. We construct composite rest-frame 2-20 keV spectra for three different obscuration classes. An ~1 keV equivalent width FeK-alpha emission line is seen in the composite X-ray spectrum of the most heavily obscured AGNs (N_H>5x10^{23}), suggesting Compton-thick or near Compton-thick absorption. Even taking into account the effects of absorption, we find that the average X-ray-FIR ratio of the AGN-classified SMGs is approximately one order of magnitude below that found for typical quasars. This result suggests that intense star-formation activity dominates the bolometric output; however, we also explore whether the X-ray-FIR ratio is intrinsically less than that found for typical quasars and postulate that some SMGs may be AGN dominated. We investigate the growth of massive black holes, discuss prospects for deeper observations, and explore the potential of the next generation of X-ray observatories. (ABRIDGED).
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