The correct spelling of the phrase "wast life party" is actually "waste life party." The word "waste" is pronounced /weɪst/ with a long "a" sound, while "life" is pronounced /laɪf/ with a long "i" sound. The phrase means a party or gathering that is focused on wasting time or not being productive, which can be a negative influence on one's life. It is important to use correct spelling and pronunciation to effectively communicate the intended meaning of a word or phrase.