excessively drunk. Usually used by a college crowd or a fraternity

Two meanings:

1) Intoxicated, nearly always pertaining to alcohol.

2) When a film does poorly at the box office.

Person A: "Did you see the Hulk?"
Person B: "No. I heard it tanked, actually."

To be excessively drunk

when you get really really drunk and usually end up passed out, in a pile of trash, or lying next to someone you dont remember fucking.

SEVERLY intoxicated

To tank something is to do badly or at it, or fail. One usually does this on tests that one is unprepared for. Tanking is the verb of tank.

continuously consuming alcohol with two underlying facotrs; you are overly intoxicated, and simply cannot drink any more(this should be determined by your fellow peers). "Tanked" status is quickly diminished upon vomiting.