any kind of vehicle that has tons of problems and possibly will explode at random.
Yo dawg I was cruisin on the highway when I raced a corvette ZR1 .. I was pullin on that guy mad easy until my motor blew !!!! This mazdaspeed 3 is such a peice of failboat.
by scatt nasty February 16, 2010
the ultimate of a failure. one who can do nothing positive in life and one who only has more failing to look forward to in life.
you puppy is a failboat for peeing in my bed.
by #1 failure July 05, 2009
The method of transport by which your friend travels/may be captain of.
You: My god, Mikey is so the captain of the Failboat.
by Count_Maniacal February 11, 2009

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