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1.
1. A Comical misspelling of Fairly, which results in an unexpected yet comical self-reference.

2. A group or classification of types of fail.

The comical fact of point 1 is of course, that the act of misspelling "Fairly" is in fact, a form of failry in itself, causing a linguistic cycle, somewhat akin to that of the definition of recursion
1. That was failry awful.

2. This course involves all sorts of failry.

Joke example using the word in both contexts: There's a failry large amount of failry going on here.
by firepup August 23, 2009