AmigoArtistico
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"I feel dead" would probably be a better translation of the former.
I was trying to be funny (trying being the operative word, I guess).
Estoy muerto literally means, "I'm dead." If someone is dead, you say, "Está muerto, not es muerto." I always thought that was funny, because you might be led to believe, following the typical usage of estar, that the person is dead now, but maybe later he'll be alive again.
(Of course, as you say, it can also mean, "I feel dead (or exhausted, etc.)", and it also even has some other meanings, in some places, but that wasn't the intent of my joke.)