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1.
State of intoxication between the levels of "browned out" and "blacked out". Only 5%-10% of the night is remembered by the person who is grayed out. 90%-95% of the night is forgotten.

To reach the max amount of grayed out (Indistinguishable: Short for the indistinguishability between the stages of "grayed out" and "blacked out"), you must get so intoxicated that 96%-99% of the night is forgotten.
Dude, I was grayed out the other night, I only remembered half an hour of it.
by carlsahn94 February 04, 2011
 
2.
Approaching the point of no return during a night of drinking. A few drinks from being blacked out. Freestyle rapping, dancing, and making out with fat chicks may be typical behavior of being grayed out
Damnit Scott!! You should've took that 1.75 away from me last night..I ended up grayed out with fat strippers in my face. I woke up hungover in an Apache helicopter .
by Drix February 24, 2005
 
3.
Not quite blacking out, but still having serious problems with memory as a result of alcohol or drug intake.

Graying out is spotiness or haziness of working and short term memory.

Most commonly a result of smoking copious amounts of reefer, graying out makes time move much faster.
Saturday morning me and a crazy ass white chick smoked so much pot that I grayed out until 6pm that night.
by Max Pa December 04, 2006