1) To replace something / someone and have it never live up to the expectations of the original thing / person.
2) To be a bass player in a band and have your bass almost completely cut out of the mix so that you can't hear it.
3) To be generically owned by someone else in the sense that the ownee was left out or isolated by the ownerer.
Billy dumped his girlfriend Veronica because he felt totally newsted'd when he compared her to his previous girlfriend.
2) I'm quitting my band they totally newsted'd me on our last CD.
3) Dude we just totally newsted'd that wanker at the shops, we told him we were going into the titty bar… but really we went into another titty bar!