The most common and most likely answer to this crossword clue is the 7 letter word DRUNKEN
I've seen this crossword clue in The Guardian
D
R
U
N
K
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More clues leading to the result DRUNKEN
Buddy explains!

The straight part
We know that "wasted" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case wasted = drunken.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does DRUNKEN mean?
DRUNKEN verb- To consume (a liquid) through the mouth.
- (metonymic) To consume the liquid contained within (a bottle, glass, etc.).
- To consume alcoholic beverages.
- To take in (a liquid), in any manner; to suck up; to absorb; to imbibe.
- To take in; to receive within one, through the senses; to inhale; to hear; to see.
- To smoke, as tobacco.
- Drunk, in the state of intoxication after having drunk an alcoholic beverage
- Given to habitual excessive use of alcohol.
- Characterized by or resulting from drunkenness.
- Saturated with liquid
- To make or become drunk or drunken; intoxicate