When you drink an alcoholic beverage so quickly that it essentially vanishes from existence. Also used to describe a person who gets obliterated by alcohol to the point that their brain essentially vanishes leading to an array of incomprehensible decisions and the person subsequently passing out before they make it to their bed.
See also the following:
BALEETED
DELTEATED
DELTACO
Freaky D'ted cheadeated
deedleated
MATT
meathead?
dltd
duh lee ted
teeteeted
bubs
diddly dee
repeated 733t3d
3-D movie
del monte
ddddddd
da cheated
diggity
beefeated
stupid word