To be drunk and/or high. The word is derived from an incident of college students being caught smoking weed outside a dormitory building by police. Upon discovering the kids, the police snuck up behind and tazered them into submission. Though the origin of the word is weed-related, it is more often used in reference to being drunk.
Last night, Kevin came back to the dorm really tazered. He was pounding on doors and being a drunken bastard.