I'm busted = I am broke = I do not have any money. Do you have any money? I'm busted until I get my next pay check. OR I'm busted = I have been caught by the police for doing something illegal. I'm knocked out = I am unconscious. (Technically, an unconscious person could not say this.) The phrase: "Knock yourself out" can mean "Help yourself" or "Go for it" as in Examples 1, 2, 3 of http://www.urbandictionary.com/define.php?term=knock%20yourself%20out What a knock out! means "Wow! That person is so attractive!" Knock out = very attractive person

Here are the usual interpretations for me. If someone says, "I'm busted," then he has been caught doing something he wasn't supposed to be doing. It could be something as simple as smoking in the house when he was told not to. If someone says, "I'm knocked out," then he has been eliminated from a competition. A: What happened? B: I got knocked out. I underestimated my opponent.

Thanks :)

"knocked out" can also mean eliminated from a competition. Example: Nadal knocked out of Wimbledon in the second round.