When you go ahead and take your turn to buy a round for your buddy, and you return only to find him passed out on the bar stool. Said scenario creates snowball effect, forcing you to toast to nobody and handle your drink like an adult.

That hideous thing that happens when the toaster is set to a setting (if you have one of those fancy toasters that has various settings depending on how well-done you want your toast to be) below 3. The first setting basically warms your bread. Ghost toast is basically very lightly toasted bread, which often barely classes as toast. It can be merely heated bread with a crisp shell.