a person that is so repulsive that if they were literally sitting in your panties, you would have to throw the panties away because the panties are wasted.
a method of partying that is consistant with "on the road" by jack kerouac. living life to the ultimate extreme.
is not limited to the over consumption of alcohol/drugs, but usually works out better. one could easily "party wasted" at church or a library.
also can be used a greeting or parting.