To be burned (insulted) or bested past ther point of drilling or reaming.

Because after drilling a surface one would ream it, after that one would counter-bore it so that the head of the screw is sunk into the surface.
Joe: Man, you got drilled!
Bob: No, you got reamed!
Frank: Shut up guys, he got his ass COUNTER-BORED!!!!
Joe and Bob: DAAAAAAAAAAMN!!!!
by Crazy-Legs September 21, 2005
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