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To grossly over pay for something and get nothing in return. To waste your money. To get ripped-off big time.

As in Giants starting pitcher Barry Zito. $126 million dollars, 0-6 with a 7.83 ERA, demoted to middle reliever. As in the single worst free agent signing in the history of organized baseball.
"Dude, I just paid $50 for a dime bag."

"Then you just got Zitoed big time."
Zitoed by 20deep May 1, 2008
Related Words
A terrible internet company that will work for approximately any given time before giving you slower internet than if you had none, rated poorly on Google for many obvious reasons.
DGR Dave's ZitoMedia subscription made his streaming much more difficult because they couldn't handle a 4 hour stream.
ZitoMedia by koncentraitor44 March 26, 2022
To be harshly ridiculed in public for your gastric shortcomings (esp. zitos cheese intolerance) See: zitos cheese
This SOB came in to my house and complained about my zitos cheese so I zitoed his ass!
zitoed by joe zito January 28, 2005