It can be used in several ways. Out of it = semiconscious; intoxicated; unaware; unfashionable.
From some dictonaries:
1. Not aware of or participating in a particular group, pursuit, or trend. 2. Disoriented or inebriated.
1. not part of a group, activity, or fashion; 2 : in a dazed or confused state
1. Very intoxicated with alcohol or drugs.
1. Disoriented. 2. Drunk.