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1.
1. Usually a series of small or short clips put together into one video. Some people may borrow these clips from YouTube or other video streaming sites.
Video: Ultimate Fails Compilation

Bob: Hey dude I'm making an Ultimate Fails Compilation video
John: Sweet! You could use Rob when he slipped and fell on his head.
Bob: Cool! I'll include it along with some other videos from YouTube.
by Zigzagzap February 27, 2010
 
2.
n. Cynical record company ploy to re-sell the same old music over and over again.
See there's yet another new Hendrix compilation out.
by Shevek September 22, 2002