Wreck, used as a verb, is gayspeak (or, according to some people, homophobicLebanesewannaberapperspeak) meaning to deliver a particularly cutting, witty or just bitchy insult to someone.
For example, my best friend is a little more than obsessed about his weight and is constantly asking me, "Do I look fat?". Normally, I'll coddle him and tell him what he wants to hear. Sometimes, though, he just gets too melodramatic, and I have to wreck him. To wit:
"Tell me I'm thin and beautiful before I eat this pizza, please!!!"
"Sweetie, you're thin and beautiful ... before you eat that pizza."
See? Simple, direct, concise. Wrecked.
You may follow a good wreck with snaps at your discretion, though this practice is increasingly viewed as gauche.