To be high from ingesting a lot of cocaine. White girl = cocaine. Wasted = fucked up. Many people incorrectly use the term "white girl wasted" to refer to partying heavily with marijuana and/or alcohol, thinking that their inebriated state is comparable to the inebriated state of a high school white girl discovering Parrot Bay for the first time. The use of "white boy wasted" is the correct slang for this meaning, as the term "white boy" holds with it no connotations of cocaine.
"Yo man is your dude comin thru with that soft?"
"Chea! Soon as he rolls up we gettin white girl wasted!"