Here are some examples:
Noun:
* A sculpture of the upper part of the human body, especially of a woman. "The museum had a collection of ancient Roman busts."
* A failure or disappointment. "Their business venture was a complete bust."
Verb:
* To break or damage something. "The thief busted into the store and stole the cash register."
* To arrest someone. "The police busted the drug dealer."
* To burst or break open. "The pipe busted and flooded the basement."
Adjective:
* Broken or damaged. "The car's engine is busted."
* Unpopular or unsuccessful. "The movie was a bust at the box office."
So, "bust" is a legitimate and versatile word with a variety of meanings.