Means that someone is so intoxicated (usually with alcahol) that they lose control over their bodily functions and deficate themselves.
Me : Oh my god did you see Gordon at the party last night, the guy shit himself after being refused at the bar!
Friend : Yeh, he was shit wankered alright, what a total idiot.
Being or having the name Walter, or the last name White and making or distributing drugs; especially meth.
Present-tense: Waltering
Future-tense: Will Walter
Walter is going to go waltering later.
Walter has waltered before.
Mr. White will walter.