A phrase used in response to someone suggesting that you do something.
Dave: "Should I down this bottle of vodka, hold the last swallow in my mouth, smoke a cigarette through my nose, then jump in the pool and swim across underwater?"
John: "Bust it."
OR
Andy: "I know I've had a lot to drink, but that chick with the enormous fupa looks pretty hot, I think I'd enjoy licking her undercarriage."
John: "Bust it."
OR
John, holding up a full glass of beer: "Bust it?"
Kelly: "BUST IT."
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dam son look at that busted chick, she fell off the ugly tree and hit every branch on the way down
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Raggedy outfit; low class street wear
Jerome: What should i wear for dinner tonight
Jamal: Definitely not the busteds that you wear at home
" They already have four kids they can't afford and he got her knocked up again! "
"Damn yo; that's busted!"