A person who wastes time, money, or resources. He's known as a waster because he spends all his money on unnecessary gadgets.
A defective or spoiled item produced during a manufacturing process, regarded as waste. Several pots emerged from the kiln as wasters and had to be discarded.
A wooden or blunt practice sword used for training in martial arts or historical fencing. Beginners start with a waster before progressing to a live blade.