(verb) the act of an EPIC fail or the act of committing celebration.
If said once daily, superstitious believers think that it brings amazing luck to you and all that you love.
-"Let's commit celebration!"
(*committing celebration fails*)
-"That was phailboat"
Like a sailboat, but it phails (fails).
LOL LOOK AT THE TITANIC, IT'S A PHAILBOAT!!