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.
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 4, 2003