The Collaborative International Dictionary of English v.0.48:

Wastrel \Wast"rel\, n.
   1. Any waste thing or substance; as:
      (a) Waste land or common land. [Obs.] --Carew.
      (b) A profligate. [Prov. Eng.]
      (c) A neglected child; a street Arab. [Eng.]
          [1913 Webster]

   2. Anything cast away as bad or useless, as imperfect bricks,
      china, etc. [Obs. or Prov. Eng.]
      [1913 Webster]

WordNet (r) 3.0 (2006):

wastrel
    n 1: someone who dissipates resources self-indulgently [syn:
         wastrel, waster]