Similar to the wake and bake, a wake and waste is the act of consuming any leftover weed AND alcohol from the prior night's activities apon waking up, hungover. Often with the intent to lessen hangover symptoms but with the results of becoming wasted before noon.
"I was having some 'hair of the dog' but then the wake-and-bakers handed me the bong"

"Yeah, it turned into a total wake and waste."
by xkwid August 16, 2011
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