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A derogatory term for GameSpy, a company which attempts to host game servers. They often fail at that, and so many gaming companies buy their own servers after their experience, or after millions of customers complaining about it.
Dude 1: Hey, EA is gonna stop hiring FailSpy for Command and Conquer 4!

Dude 2: Awesome man! Now we won't suffer when it comes to online play!
Failspy by Failspy failz!!!! August 5, 2009
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When a person in a debate, discussion and/or online chat continues to argue with one failed point after another, without any comprehension or acceptance of the valid arguments being made against their points.
I was debating evolution with a Creationist who's arguments just put him into a complete failspin.
Failspin by PirateFish December 9, 2012
Related Words

failsplosion 

A sudden, rapid expansion of fail, often occuring near large groups of people.
Me: Dude, I just twisted my ankle outside. They need to salt that entry way.

Peaches: Sucks for you.

Me: But 37 other people also fell on the ice in 5 minutes.

Peaches: Holy crap!

Me: Yeah, it was like a failsplosion out there.

Falspying 

To creep on, stalk, or spy on someone jokingly just to make them feel uncomfortable.
Jack was falspying on Jill during 2nd hour, making fun of the weird kid who always stared at her.
Falspying by N30NR34V3R May 6, 2010
Falsely happy. When someone pretends to be happy or projects a happy disposition, even though it’s not genuinely how they feel.
I'm tired of acting falspy at work all day just to put on a show for customers.

She has that big, fake smile in every single picture. That's not real. She must be falspy.
Falspy by Steviepthatsme May 5, 2018