From the New York Times Magazine... ''Hey, dude. You're toast, man'' was a passage in The St. Petersburg Times of Oct. 1, 1987, the earliest citation the Oxford English Dictionary research staff has of this usage. ''Actually, the trendiest way of saying someone is finished is to say 'He's toast,' '' wrote the columnist George Will the following year. ''The women in Bush's entourage also are turn-you-to-toast toughies.''
"It means burned, scorched, wiped out, demolished."