1.saying bye in a cool manner with extended syllables and emphasizing the difference between the change of the 's' and 'z' at the end.
2. someone or something is done with or out of whatever they were doing.
1.Joe: Hey pete, im laaaterrrrz.
Pete: Alright man, see you around.
2. Dude did you see that cat eat that mouse, that mouse was laaaterrrrz.