A slang term referring to bad, cheap, beer with a rather weak taste. Examples are Budweiser, Natty, Keystone, and Miller Lite, and Coors Light.
Rob: "Man, I wanna get WASTED tonight!!! Ya know what I'm sayin'?"
Mike: "Here, drink this can of horse piss."
Rob: "ALRIGHT DUDE!!! I love Natty Ice! 5.9% alcohol content baby! Get in my belly!" (chugs it)
Mike: "Uh, that was a joke, man. Mr. Ed just took a leak into that can, seriously. I didn't think you'd actually drink it."
Rob (loses his lunch all over the floor)