The Collaborative International Dictionary of English v.0.48:

bust \bust\ (b[u^]st), n. [F. buste, fr. It. busto; cf. LL.
   busta, bustula, box, of the same origin as E. box a case;
   cf., for the change of meaning, E. chest. See Bushel.]
   1. A piece of sculpture representing the upper part of the
      human figure, including the head, shoulders, and breast.
      [1913 Webster]

            Ambition sighed: she found it vain to trust
            The faithless column, and the crumbling bust.
                                                  --Pope.
      [1913 Webster]

   2. The portion of the human figure included between the head
      and waist, whether in statuary or in the person; the chest
      or thorax; the upper part of the trunk of the body.
      [1913 Webster]

   3. Especially: A woman's bosom[2].
      [PJC]

The Collaborative International Dictionary of English v.0.48:

bust \bust\ (b[u^]st), v. t.
   To arrest, for committing a crime; -- often used in the
   passive; as, the whole gang got busted. [informal]
   [PJC]

The Collaborative International Dictionary of English v.0.48:

bust \bust\ (b[u^]st), v. i.
   1. To break or burst. [informal]
      [PJC]

   2. (Card Playing) In blackjack, to draw a card that causes
      one's total to exceed twenty-one.
      [PJC]

   3. To go bankrupt.
      [PJC]

   to go bust to go bankrupt.

   or bust or collapse from the effort; -- used in phrases
      expressing determination to do something; as, Oregon or
      bust, meaning "We will get to Oregon or die trying."
      [PJC]

WordNet (r) 3.0 (2006):

bust
    adj 1: lacking funds; "`skint' is a British slang term" [syn:
           broke, bust, skint, stone-broke, stony-broke]
    n 1: a complete failure; "the play was a dismal flop" [syn:
         flop, bust, fizzle]
    2: the chest of a woman [syn: female chest, bust]
    3: a sculpture of the head and shoulders of a person
    4: an occasion for excessive eating or drinking; "they went on a
       bust that lasted three days" [syn: bust, tear, binge,
       bout]
    v 1: ruin completely; "He busted my radio!" [syn: break,
         bust] [ant: bushel, doctor, fix, furbish up,
         mend, repair, restore, touch on]
    2: search without warning, make a sudden surprise attack on;
       "The police raided the crack house" [syn: raid, bust]
    3: separate or cause to separate abruptly; "The rope snapped";
       "tear the paper" [syn: tear, rupture, snap, bust]
    4: go to pieces; "The lawn mower finally broke"; "The gears wore
       out"; "The old chair finally fell apart completely" [syn:
       break, wear, wear out, bust, fall apart]
    5: break open or apart suddenly and forcefully; "The dam burst"
       [syn: burst, bust]