Something that's amazing, awesome, cool, dope, orgasmic, sick-nasty, rad, crazy or just all around fucking insane!!
Dave: "Did you go to Jacks party last night?"
James: "Yeah man, it was WASHEDOUT!!!"
"That sex last night was washedout!"
"Did you see that girl last night?! She was sooo washed out"
"Sarah, did you see Johns body?! It's washedouttttt!"