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1.
A description of someone under the influence of alcohol and/or marijauna. This term is used by intoxicated people trying to convince others that they are not that drunk/high and are/were capable of driving.

One who is very drunk, intoxicated, high, stoned, alleviated but is too cool to admit it.
Damone - "Yo dawg, I wasn't drunk...but I was hella faded"
or
"I can drive, I ain't even drunk yet...just hella faded"
by SebastianFC October 01, 2009
 
2.
adjective. a hella generic describing phrase. to be in a state of exhaustion, boredom, mental upset, discontent. a phrase used in reference to prior gatherings or events that were particularly crunk. can help to describe an emo demeanor, offered as a word of encouragement to peers.
Kelsey, that party was hella faded!
You look hella faded, Elliott.
Keep it up! Those are the most hella faded side-bends ever!
by liz_dizzle March 16, 2006