Lyric discussion by ParaFrost 

Cover art for No Way Out lyrics by Theory of a Deadman

"Such a beautiful face Such a beautiful WAIST I say" not waste. He is singing about a girl, he looks at her face then looks down at her waist. Such a beautiful 'waste' - that doesn't even make sense.

Lyric Correction

It does make sense. He is saying she is beautiful, and if she keeps her beauty to herself instead of letting him enjoy her, it's a waste.

Caryopteris is right in the offical lyrics thing that comes with the ablum it says waste.