waxed, adj. — Green’s Dictionary of Slang

waxed adj.

[? SE wax, to polish, i.e. they ‘shine’ in a crowd]

(US campus) drunk.

1987		(con. 1967) E. Spencer Welcome to Vietnam (1989) 23: I’m so waxed by now that [...] I’ve get [sic] a double-vision shot going.
1997		Eble Campus Sl. Apr.

have someone waxed (v.)

to have someone at a disadvantage.

1925

(con. WWI) Fraser & Gibbons Soldier and Sailor Words 301: Waxed, To Have Someone: See Cold, to have one.