An idea or thought brought forth by an individual who believes they are correct and /or smart when actually all their ideas are total bullshit.
Wow, using that thesaurus to sound smarter than you actually are, Huey? Great Fail-osophy.
An idea from a person that fails.
Everyone hates the idea, and it should be rejected immediately.
Billy: Noobs are the coolest people ever.
Bob: What the hell, no. Dude, that's seriously a failosophy...
An idea or suggestion that is obviously destined to not work or have bad outcome.
(usually not obvious to person who thinks of it)
You: "....I'm so bored... what should we do?"
Your dumbass friend: "Let's play soccer with a bowling ball!"
You:" That is probably the most idiotic failosophy I have ever been mentally injured with."