Refers to in a relationship were one is wasting the others time. The one who is wasting the time is the burnt toast. They are someone who is disrespectful by their cluelessness. If you only had enough butter for one peice of toast and had a loaf of bread would you waste your butter the burnt toast? No, than why would you give this man or woman your time and energy.
Tony says the Leah regarding a boy who she like and keeps selling her out, "Your waisting your time on that burnt toast"
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