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.
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")