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1.
Describes something that has gone horribly, horribly wrong.
"My god," exclaimed Redders, "I've had a complete and utter failover!"

The 'over' part can be preceded by any word relating to the situation eg "beerover" (spilling of alchohol), "birdover" (woman trouble) or "leanover" (actually that's completely different.
by Burtover September 26, 2003