Geek slang for ultimate fail, derived from the term used to measure a computers performance. The word is split into two parts to justify its meaning. 1. GIGA (meaning feckin shite loads or 1,000,000,000) and 2. flop (meaning fail). Not to be confused with GagaFlip the act of discarding an unwanted Lady Gaga.
*Man eats cashew nut only to find he's inhaled it and is now getting the hymnic maneuver from a fat man with an erection* GigaFlop