When you are in some serious shit and wading in it. Worse than knee deep, better than up to your neck. Also commonly used as "waist deep in shit."

Alternate use: The appropriate minimum height to pee discreetly when in a body of water.
He was waist deep and no amount of pleading would get him out of the chasity belt.
by Dlee1967 July 10, 2014
Get a waist deep mug for your guy Sarah.
I thought i got to the party early enough, but everyone was already waist deep in conversation when i got there.
by Wheeze05 October 30, 2018
Get a Waist deep in conversation mug for your cousin Günter.
Being balls deep inside an Asian pussy or her "fortune cookie".
"I finally went out with that Asian chick and by the end of the night, I was waist deep in fortune!"
by teenez69er July 10, 2012
Get a Waist Deep in Fortune mug for your cat Larisa.