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1.
A piece of toast that has been ejaculated on by many males, to be consumed by whoever shot the smallest load.
Boudreau had a nice feast of wet toast.
by Ted McCall May 03, 2004
 
2.
1- Boring. Without spice. Bland
2- A man without character. Easily manipulated. Spineless.

"He's a piece of wet toast" (i.e "He's boring")
"He's a piece of wet toast" (i.e. "He's manless")
by squarehand April 27, 2007