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1.
A term that was started on the hellgate: london forums, used to refer when you buy something and in turn the thing you bought is:

A: very poorly made
B: broken
C: bugged out to all hell (refering to a game)
D: not getting what you paid for
Tim: "I just bought a new table today and one of its legs broke"

Bill: "Man you got flagshipped"
_______________
Tom: "Wow man i just bought a brand new xbox360 and i got the three red rings as soon as i turned it on!!!"

Bob: "Heh sounds like you got flagshipped"
________________
Billy: "I just bought the new hellgate: london game and gave them $10 subscription fee right after i got it, not only did they take out 100USD more then they were suppose to, but there would have been no difference if i would have just not payed the $10 and played for free"

Dan: "HAHAHAHA, damn dude you totally got flagshipped"
____________________
Ron: "I bought a game today i cant even play it because it keeps crashing, and even when its not crashing im getting really bad lag on my $10000 computer i just bought yesterday!"

Alan: "Flagshipped, hahahaha"
by Rompastompa January 04, 2008
 
2.
A play on the name of Flagship Studios; the developers behind the critically slammed Hellgate: London series.

It usually references to the fact that many of the game's features are currently broken, or bugs causing the player to be set back after doing a fair bit of work for a meager reward.

The example below shows just one of the many broken features. The current maximum character level a person can level their character to is fifty. However, there are many items dropping through the later stages of the game that are well beyond level fifty, many going into level seventy and higher character level requirements.
Player: I just found an awesome unique Arclight Fusion Rifle for my Engineer!
Player2: What is the character level requirement?
Player: 51.
Player2: You got flagshipped!
by Tonguey December 23, 2007
 
3.
To be thoroughly screwed over in a laughable way by the incompetent design in an online game, usually specific to games developed by Flagship Studios. The origin of the term is from the game Hellgate: London, and the seemingly impossible number of major design disasters it contained.
victim: I've killed 65535 demons and now whenever I kill a demon my character gets stuck and I have to relog to continue playing!
troll: lol, flagshipped!

victim: I traded for an item with another player and I lost 1.7 million palladium as the game truncated my money at 9,999,999!
troll: ahaha, flagshipped!

victim: I paid $150 for a lifetime subscription as it would include special event quests and items for holidays, but the biggest holiday there is, Christmas, had none!
troll: Flagshipped!

victim: I just had a cool unique item drop from the boss I killed, but the item says "subscriber only"? Wtf is this, shareware loot? I can't even trade it to a subscriber!
troll: Yep, you got flagshipped.

victim: I unsubscribed recently, but now I'm stuck with the subscriber transmogrifier cube item taking up a lot of space in my inventory that I can't use and I can't drop or destroy!
troll: That's what you get for paying to be flagshipped.
by Kral2 January 15, 2008
 
4.
To be the victim of misleading information or misdirection.

To have a deal broken or contract unfulfilled.
Man 1: I paid good money for the bonus features but two weeks later they gave the bonus features away for free!

Man 2: Damn man, you got Flagshipped!
by GolgoThirteen January 09, 2008