Is profligate going west as stupidly? (6)

I believe the answer is:

wastes

I'm a little stuck... Click here to teach me more about this clue!

'is profligate going' is the definition.
I can't tell whether this definition defines the answer.

'west as stupidly?' is the wordplay.
'stupidly?' is an anagram indicator (a stupid ordering of the letters).
'west'+'as'='westas'
'westas' with letters rearranged gives 'WASTES'.

Can you help me to learn more?

(Other definitions for wastes that I've seen before include "Squanders - sweats about it" , "Uses inefficiently" .)

I've seen this clue in The Irish Independent.

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