The 7th day of the week. One is required to get drunk to a point where one cannot name the current day without slurring one's words. This is a weekly UVA tradition started by Dabney First Left (a.k.a. D1L; the Dabney Douchebags). A successful Shwasted Shaturday will end in blackout and waking up in a random bed with an incredibly attractive naked girl lying next to you.
"Yo man, I'm so smashed!"
"Damn shtraight, itsh shwasted shaturday!"
"Sorry I can't do homework, it's shwasted shaturday"