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Collapsed and woke in thong that's tight (4,2,7)

Ross

I believe the answer is:

come to nothing

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

'collapsed' is the definition.
Both the definition and answer are adjectives.
Perhaps they are linked in a way I don't understand?

'woke in thong that's tight' is the wordplay.
'woke' becomes 'cometo' (I can't justify this - if you can you should give a lot more credence to this answer).
'that's tight' is an anagram indicator (tight can mean drunk).
'in'+'thong'='inthong'
'inthong' is an anagram of 'nothing'.
'cometo'+'nothing'='COME TO NOTHING'

'and' is the link.

Can you help me to learn more?

(Other definitions for come to nothing that I've seen before include "Turn out a failure" , "Fail" , "Result in failure" .)

I've seen this clue in The Telegraph.
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