1.the state of being left hanging to a great degree 2.the state of being screwed over to a great degree
Situation:
Mike asked his friend Peter to bring him a dollar, so he could afford the speakers which he needed the next day, Peter said no problem.
The Next Day:
Mike: "Hey where's that money?"
Peter: "What are you talking about? i gotta go, cya!"
Mike: "Nake n Bake man... Nake and Bake..."
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.