To have such an accident that requires you to feel extreme embarrassment.
Someone tried to do a backflip on a trampaline and lands right on their head on the ground. "Ohhhhhhhhhhh WASTED"
To go out, drink excessive amounts of alcohol and fall into a drunken stupor. This usually leads to embarrassing behaviour and/or becoming attracted to members of the opposite (or even same, who knows) sex who wouldn't be looked at twice if the 'waste' person was sober.
Halina was so waste last night that her eyes glazed over and she fell asleep standing up.
A waste, or a TOTAL waste, is what the majority of todays young people (under 30) are, with very, very, few exceptions.
So many of todays kids are just worthless, just a bunch of idiots, a waste, of (money, time, education etc.)
What you feel like on a Friday night after you roll too many doobs.
"Whoa man, (puff,cough) im wasted dude!"