Green’s Dictionary of Slang

1. (also busting loose) feeling good.

1904		Kipling ‘Their Lawful Occasions’ II in Traffics and Discoveries 148: ‘Are you happy, Morgan?’ ‘Bustin’,’ said the signalman briefly.
1997		L. Pettiway Workin’ It 131: I know eventually I’m gonna get me a hit when I get outside anyway. See, as long as you got a tool for a person to use you’re gonna always get one. I smoke like thirty, forty caps a day. That’s average. Good days I’m busting loose. Oh, my goodness, fifty, sixty, seventy caps. Yeah, I’m busting. I’m constantly on a clock tip if it ain’t nothing but a dollar. Yeah, on a clocking. Meaning getting mines.

2. looking good, attractive, well-dressed, successful etc.

1994

G. Smitherman Black Talk.