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3.
1. An almost nonexistent relationship, usually of a romantic nature, with one party exaggerating or imagining their closeness; a relationship almost exclusively existing in the hopeful person's mind.

2. A product of a lovelorn person's imagination, a relationship planned out in said person's thoughts, unbeknownst to their object of affection, and almost never acted upon; can be a celebrity as well.
Person A: So how is Kyle doing with Sarah?
Person B: Haha, he told you they were going out? Total imaginationship.

Despite Tyler having a girlfriend, Beth develops their imaginationship in her head, right up to their wedding.
by SondraSquarepants June 08, 2009
 
1.
An imaginary relationship that someone makes up in their head because they are secretly very deeply in love with someone else. It falls somewhere between crush and stalking.
John: "Man I wanna tell you something but you have to promise to keep it a secret."
Fred: "Sure thing man, whats up?"
John: "I'm totally in love with Kelly man!"
Fred: "Dude that's never gonna happen, I think you have an imaginationship going on."
John: "Yea I guess your right."
by Gus15 April 17, 2008
 
2.
An imaginary relationship.
Girl/Boy thinks about and dreams about a person, usually a celebirty and believes they are in a relationship with them. " I have an imaginationship with John Tucker."
by loveyoumatthew May 31, 2009