At least that's the word per ESPN (hat tip: Cincy Jungle). And they are:

4. QB Heath Shuler (Tennessee)

Drafted by: Redskins, first round, No. 3 overall, 1994
Shuler started eight games as a rookie and certainly didn't look like an immediate bust, throwing 10 TDs and 11 interceptions. However, over the next three years with the Redskins and Saints, he would throw 21 interceptions to just five touchdown passes. He was out of the league by 1998.

32. T Andre Johnson (Penn State)

Drafted by: Redskins, first round, No. 30 overall, 1996
The Redskins have had more than their fair share of poor draft picks, but this tops them all. Johnson did not appear in a game for the Skins during his rookie season and was cut during the summer of 1997.

And finally:

50. WR Michael Westbrook (Colorado)

Drafted by:Redskins, first round, No. 4 overall, 1995
Three years after trading up to select WR Desmond Howard with the fourth overall pick, the Redskins dipped into the wideout pool again with Westbrook, who had the skills to dominate. The former Colorado Buffalo had a big year in 1999 (65 rec., 1,191 yards, 9 TDs) but a variety of issues kept him from ever achieving stardom.

More needs saying here, since Westbrook's name has come up recently. The video is no longer available, but recall that Michael Westbrook once beat the shit out of Stephen Davis at practice. See, for example:

via bengals.enquirer.com

Why? Hog Heaven explains:

Michael Westbrook’s assault of Stephen Davis on the Redskins practice field is football legend. Supposedly, Davis called Westbrook "gay."

NOT SO, says Westbrook. Davis just said Westbrook was acting gay. He wasn’t saying Westbrook was, you know, really gay. But, the gay label stuck and Westbrook says that, not his attack on a team mate, haunts him to this day. 

Anthony Brown goes on to say that Westbrook complains too much, and I tend to agree. It takes an insecure character to get mad enough at a gentleman Stephen Davis' size to fight him. It's actually much worse than merely being insulted by Davis, as Westbrook went on to say that it almost kept him locked in his closet house forever:

So the connotation is Michael Westbrook is gay. ... My ex-girlfriend heard it about a year ago from this guy and she went nuts. Everybody that knows me knows that's the farthest thing from the truth. For about three years, I wanted to lock myself in the house and never come out.''

I don't have much to add on Westbrook's claim besides stating that I think he probably has mental problems. But ignoring the homophobia for a moment, I don't know if he was one of the top 50 busts of all time. As Lee Gibbons points out:

Westbrook as you likely recall was the Redskins first round pick back in 1995, selected 4th overall. It would be a bit harsh to call Westbrook a complete bust, he did have a 1,000 yard season (career stats) and was with the team for seven years, but it’s safe to say the pick didn’t turn out as the team envisioned.

Consider this my obligatory cautionary tale against drafting WRs in the first round. It's probably irrational to proceed with a drafting strategy operating solely on the worst-case-scenario mindset presented by a Michael Westbrook, but I happen to think WRs are more fungible than, say, defensive linemen. Juts my two opinion, though.