A racial slur denoting a Cylon, or a person of Cylon origin. Used in reference to the highly reflective metal used in the construction of the original Cylon Centurions, and its similarity to the metal used in the construction of bread-toasting devices.
"You never loved anything or anyone, so don't try to sit there and tell me you did, you goddamned toaster."
It's actually a girl who sleeps with FIVE or more guys from the same fraternity house, where yes, there is a toaster awarded and she is pretty much ridiculed from that moment on in the Fraternity
"Cindy is such a toaster, I wouldn't touch her with a 10 foot pole"