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1.
A short form for the word "intoxicated". Reasonably synonymous to wasted, sloshed, or drunk.
Frat Boy 1: "We're gettin' toxy at this kegger tonight!"
Frat Boy 2: "HELL YEAH!"
by Sdarlin December 23, 2013
 
2.
Somone who often forces a naval craft into a land mass.
Toxy just beached the destroyer.
by Dak October 27, 2004