The Collaborative International Dictionary of English v.0.48:

Plaster \Plas"ter\, v. t. [imp. & p. p. Plastered; p. pr. &
   vb. n. Plastering.] [Cf. OF. plastrer to plaster (in sense
   2), F. pl[^a]trer.]
   1. To cover with a plaster, as a wound or sore.
      [1913 Webster]

   2. To overlay or cover with plaster, as the ceilings and
      walls of a house.
      [1913 Webster]

   3. Fig.: To smooth over; to cover or conceal the defects of;
      to hide, as with a covering of plaster. --Bale.
      [1913 Webster]

WordNet (r) 3.0 (2006):

plastered
    adj 1: (of hair) made smooth by applying a sticky or glossy
           substance; "black hair plastered with pomade" [syn:
           plastered, slicked]
    2: (of walls) covered with a coat of plaster [syn: plastered,
       sealed]
    3: very drunk [syn: besotted, blind drunk, blotto,
       crocked, cockeyed, fuddled, loaded, pie-eyed,
       pissed, pixilated, plastered, slopped, sloshed,
       smashed, soaked, soused, sozzled, squiffy, stiff,
       tight, wet]