Waxed out is when you get totally wasted beyond wasted. You are now beyond shitfaced, and have entered a new dimension of fucked up-ness. You are waxed out.
Yo, Showerhandle. I am going to get so waxed out tomorrow on some Psilocybin mushrooms. I am going to enter another realm that exists within the human genitals, and tear open its mouth with my brain tumor.
To take off very quickly. Better term for peeling out.
That person is so creepy! We need to wax out of here!