A clever rearrangement of the letters of 'possibility', can be used to refer to something that may have had potential but is now a complete disaster or to indicate to a persistent teenager that whatever they are asking for is not a possibility at all.
That job has become a total pissabolity.

Teenager: Can I have a party next weekend.
Mother: I will talk to your father Darling, I am sure its a pissabolity.
by Melissa Yardley September 04, 2003

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