The point of intoxication that can only be described by a mangled form of the word wasted concatenated with an article of clothing to further emphasizethe original meaning.
Steph decided that Jimmy was shwastypants when he began vomiting profusely in a friend's car on the drive home from the bar.
it's a combination of the words: Sloshed, Hammered, Wasted, Ripped, Euphoric, Destroyed. Basically it decribes being drunk in the utmost emphasis, and also can be utilized when stating you want to get drunk. I.E. let's get crunk.