Wasted

Wasted is when you are killed on a GTA game.

Many things can lead to this:

Drowning [on all gta games except for san andreas where your breath meter has to run out to be wasted]

Explosions

Shot

Trapped in an expoding vehicle

Catching fire

Beaten to death.

As a result of being Wasted you will loose all weapons and $100, the same as being Busted