From The Collaborative International Dictionary of English v.0.48:

Waster \Wast"er\, n. [OE. wastour, OF. wasteor, gasteor. See
   Waste, v. t.]
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   1. One who, or that which, wastes; one who squanders; one who
      consumes or expends extravagantly; a spendthrift; a
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            He also that is slothful in his work is brother to
            him that is a great waster.           --Prov. xviii.
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            Sconces are great wasters of candles. --Swift.
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   2. An imperfection in the wick of a candle, causing it to
      waste; -- called also a thief. --Halliwell.
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   3. A kind of cudgel; also, a blunt-edged sword used as a
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            Half a dozen of veneys at wasters with a good fellow
            for a broken head.                    --Beau. & Fl.
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            Being unable to wield the intellectual arms of
            reason, they are fain to betake them unto wasters.
                                                  --Sir T.
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