it's a combination of the words: Sloshed, Hammered, Wasted, Ripped, Euphoric, Destroyed. Basically it decribes being drunk in the utmost emphasis, and also can be utilized when stating you want to get drunk. I.E. let's get crunk.
person number 1: "oh wow Justin the football player, takes a long time in the bathroom"
person number 2: "hes probably masturbating while he shits"
person number 1: "haha, Justin shasterbates"
person number 2: "hahahaha thats clever. shasterbate!"
Consuming as much Alcohol as possible in a certain time range. Eventually one will end up in the state of mind of being shit-faced/plastered. (Shlastered)
In PCB we were so fucking fed up with this ginger fuck named harris that we would just make sure he would get shlastered and pass out.
The act of being a douchebag while simultaneously being very grimy with your money. Thus, being really cheap, yet still maintaining an attitude that you're better than anyone else.