An expression used to indicate disappointment, dismay or dislike as in the sound effect heard when pac-man dies and you lose you loser.
Bree: Whats green and has wheels?
Me: I unno, what?
Bree: a Frog, I lied about the wheels! hahahaha!
Me: pac-man fizzle... your jokes are not funny you loser.
Kristi: Ouchie! I just burned my arm!
Me: Aww, pac-man fizzle, hope it's not too bad you loser.
Kristi: Thanks jerk, I just hope it doesn't leave a scar.