the name givin to the xbox 360 after it has been afflicted by the rrod
when ur xbox 360 shows-in controller slots 1, 2 and 3- flashing red lights, and ur console wont function, then u have a fail box
to fail so epicly that you are not just one fail, but a whole box of fail.
person a: that guys voice just cracked like a 13 year old boy!
person b: what a failbox.
This is the packaging of any new device that you feel compelled to keep just in case the device fails in the first couple of weeks and the store will expect it to be returned in the original box.
I have a cupboard full of failboxes I can't throw away just yet.