To grossly over pay for something and get nothing in return. To waste your money. To get ripped-off big time.
As in Giants starting pitcher Barry Zito. $126 million dollars, 0-6 with a 7.83 ERA, demoted to middle reliever. As in the single worst free agent signing in the history of organized baseball.
Also known as a "cuff 'n chug," a ziptie is an event in which you and a partner are ziptied or cuffed together in some fashion and can only be freed from bondage upon drinking and finishing a fifth of hard liquor or a suitcase of beer. The winning pair is deemed champions, but nobody wins this game.
Sally hated her date for ziptie and hoped he could drink as fast as her so that she could escape from his presence.