A girl that has been fucked/screwed/sex'ed so much that her vagina has practically been "carved" out by men's penises; such as a caveman carving out a cave.
That girl was passed around so much last night, she got CARVED.
It means you're freaking ripped. Wood = hard = carved = chisled = ripped. Common sensefor the win! However; if you are carved out of wood, be prepared to immolate easily.
To be carved out of wood, one must lift weights, and do pushups regularly. Definately not for the lazy/impatient.