Adjective
(of an animal, or a meat) too fat, as opposed to meaty
Protein brought out more of the muscling and red meat before the cattle got too wastey with too much fat.
(of a fruit or a vegetable) soft as a result of getting overripe
Frosted or wastey fruit will be unsalable.
(slang) getting drunk close to being wasted
Source: en.wiktionary.org