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.
Guy 1: your drink done bro?
Guy 2: byuaaaa, count me in on that big guy!
Guy 1: cool beans I'll right back, don't you go to sleep you on incoherent jerk!
Guy 2: myuhhhh huh!
(returning to the table with drinks several short minutes later)
Guy 1: you have to be fist fu@&ing me!!! Wake up guy 2!!!
Guy 2: ...........
Guy 1: no worries I'll just ghost toast myself bro! NAILED IT!!!
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.
Friend: Hey, want some toast?
Friend 2: Yeah sure, but make sure it's not ghost toast.
Friend: Hey what?
Friend 2: Never mind, just make the toast.
*Friend makes toast*
Friend 2: DUDE this isn't even toast, it's just lukewarm bread! Great. Ghost Toast again.