The combination of "wild" and "drunk". Similar to crunk. The idea is that you get so drunk that you have literally no control over anything you do, nor do you have any memory of doing these things.
"Man, last night I drank some forties, and for some reason I began to cry hysterically and decided to strip naked and spray-paint a dick on a cop car! What the fuck?!"
"Holy fuck dude, you must have been WUNK! How did you remember that?!"
"I never would have known if they hadn't told me this morning at the police station!"
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