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1.
Temporary lapse of memory/mental fogginess/amnesia often due to excessive alcohol use. Not to be confused with blackout, as a greyout occurs for short intervals between one and five minutes.
Al: So you drunk texted me 30 times yesterday
Amber: What!? I don't remember that...
Al: So basically you blacked out?
Amber: Nah, I remember everything except for like 5 minutes of last night.
Al: I guess you must have had a greyout!
Amber: Sweet!
by hthund February 10, 2013
 
2.
A alcohol induced midday state simliar to the blackout only due to it occurring midday, the sunlight turns the black to grey.
Sally is such a trainwreck, she spends her Sunday mornings at brunch getting greyout in order to make her drunken behavior acceptable.
by DrewNLax September 03, 2007