A first-class, lifelong loser, especially a loser toward which one might feel some sympathy, but to whom failure clings inescapably and is best avoided, lest they drag you down with them.
Phrase was inspired by the kid in elementary we all knew, who was nice, but none of us wanted to be around because s/he had a faint smell of urine to them.
B: Who was that guy you were talking to?
J: Guy I used to go to high school with. Haven't seen him in a while.
B: Cool, invite him to the Halloween party.
J: Naah, he's a nice guy, but he smells like piss and broken dreams.
B: Damn, you're nice.
J: No, trust me, I'm doing you a favor.