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1.
To avoid, at all cost, any situation that might remotely result in a failure on your, and your liabilities, part.
Example 1:

Stan: "Hey man, let's go to the mall, I want to get something to eat."

Sami: "Nah man, you're only hungry because you have post-high munchies. We should wait at my house before we go out anywhere. Plus, I have some Doritos at home you can munch on."

Stan: "Sweet, failsafe."

Example 2:

Sami: "Hey Charlie, can me and my girlfriend skip school at your house?"

Charlie: "Sure, but you'll have to leave before 12, my mother might come home early for lunch. Gotta be failsafe man."

Sami: "Word!"
by Sami Philadelphia October 06, 2009
13 1
 
2.
The greatest film in history. "Fail-Safe" was a perfect production crossed with an ultimate cast. Made in 1964 it may have saved the planet. It showed what might happen if the "nuke 'em' system" fucked-up. Fail-Safe sobered its audiences. It made the world more "nuclear smart." Writers Burdick and Heller haunted the world with their view of a possibly tragic future.
You're the president of the United States. Your bombers have "blown past" their "fail-safe points" in a tragic error. As you and your translator "sweat blood," end of the world destiny unfolds right before your very eyes in "Fail-Safe."
by the pro from Dover April 19, 2011
0 6
 
3.
a ripped or broken latex condom
"<pant pant> Sorry about the fail safe, honey"
by Gee Toe May 19, 2005
3 21
 
4.
Totally cool internet guy. He's from Australia
Failsafe rules!
by Failsafe April 08, 2004
12 51