Green’s Dictionary of Slang

1. (US) a major failure; a crushing defeat, an annihilation.

1966		G. Barry Bed and Bored 19: It was a complete wipe-out then?
1971		E.E. Landy Underground Dict. (1972).
1994		M. Ribowsky Don’t Look Back 184: Satch’s recovery could also be gauged by their first head-to-head confrontations—which were a wipeout by Paige.

2. (US) an overwhelming experience, esp. as the result of an excess of drugs and/or drink.

1977

C. McFadden Serial 110: Valium and champagne were a wipe-out.

3. (US) a killing.

1986

T. Philbin Under Cover 53: We caught that Castelli wipeout.

4. (Aus.) a general term of abuse.

1993

B. Moore Lex. of Cadet Lang. 430: wipe-out1 [...] 2. a general term of abuse applicable to anyone.