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To be wired, strung, tweaked out, or simply fucked up on large amounts of stimulants.

Could also be used to describe a really antsy or eager mood.
Billy: I'm so tired.
Bob: Not me I stayed up all night last night! I'm fucking raced!

John: Hey man, you ready to party tonight?
Joe: Hell yeah, I'm so raced.
by whenizone- May 15, 2011
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