look up any word, like darude - sandstorm:
 
1.
The feeling that your carrot is still there when its really gone.
Wife: Honey, do we have any carrots?

Husband: Yes, I think there is one left in the fridge.

Wife: I can't find it.

Husband: Oh, we must be out, then.

Wife: Sounds like you have a bad case of phantom carrot.
by vennic18 January 05, 2012
 
2.
there is no destination, only the pursuit of it.
He earned his college degree only to discover it was a phantom carrot with no guarantees.
by twirledview May 31, 2012