To be highly inebriated, smashed, tanked, etc. It is a combination of the words "shit" and "housed". I'm sure you're aware of the term "Shit Faced", well " Shit Housed" is a very similar term. Shit-housed, or "Shoust" is a term used when someone is very intoxicated.
Variations on the word are highly encouraged. IE, shousted, shoustify, shousting, shoust fest, shoustness, etc.
"Dude, you were so shoust, you asked the parking meter for directions."
Defines the smell that is shit combined with the oust (TM) that someone sprayed to cover it up.
Dude who farted...it smells like shoust over here!