A person who is delusional and out of touch with reality. They chase dreams that they are to old or not talented enough to be chasing. Often times they refuse to grow the hell up and get a real job leaving others to have to cover/finance their bullshit. They don't realize that their is no pot of gold at the end of that rainbow they are chasing.
I really wish my 42 year old husband would give up the idea of becoming a rapper. This bitchass rainbow chasing is really starting to get on my nerves. We have bills and he needs to get a real job!