To be in a state such boozing that you become a small town that only sells alcohol. Boozetown can be reached by hitting the bottle hard, and at a minimum, boozetown can be attained when three men split a bottle of wine.
"All of us just killed these two bottles of wine... WE ARE BOOZETOWN!!!"
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To become so desperate and outrageously bad about something, that your action has caused you personally to "jump the shark," making you a shark. Also, to cop out.
"Mike is hanging with his girl again tonight instead of going out with us."
"Ya man, he's totally sharked it."
"Hey guys, I think I'm going to stay in tonight and watch my crash DVD instead of party with you guys."
"SHAAARRRKKKKKK!"
"This party is sharked, lets go."
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