continuously consuming alcohol with two underlying facotrs; you are overly intoxicated, and simply cannot drink any more(this should be determined by your fellow peers). "Tanked" status is quickly diminished upon vomiting.
As seen in the movie My Best Friends Girl. Taking a girl on a date and making a complete ass out of your self. This is either done to get a girl to hook up with thier ex again after said ex has promised to pay you for doing so or for your own sick pleasure
Guy #1: Dude I tanked that bitch she'll be crawling back to you in no time.
Guy #2: okay heres the money I owe you