bust·ed (bŭs’tĭd): adj. Slang. Bankrupt or out of funds. gut (gŭt): n. The alimentary canal or a portion thereof, especially the intestine or stomach. bust a gut: (slang) 1. to work very hard to achieve something. 2. to laugh very energetically. The Busted Gut - Dedicated to doing the hard but rewarding work of finding the best budget bites, having a laugh along the way.