A waster is a practice weapon made out of wood, usually a sword.
It is the name of a king without a kingdom, stranded on a hostile island with a wooden sword and a crown, and confronted with the absurdity of his own existence. A man who spends all his energy continuously building and destroying the same stone walls on a land in which he reigns as his sole master.
It obviously reminds us of the myth of Sisyphus, compelled by the Gods to roll a boulder up a hill, only to see it roll back down, and to repeat it throughout eternity. But presently, this man is not desperate, and almost seems to be happy.
Waster is the revolt of the absurd Man.