1. A method of measuring how badly any person, action or object failed. Ranging from 1-10 (or higher if the person failed horribly).
2. A device used to measure the caliber of a fail
Person A: I sat on a chair and broke it.
Person B: That sucks, but it's only a 6.5 on a failometer.
Person A: The movie 300 was historically accurate!
Person B: Anyone have an industrial strength failometer? Mine exploded after reading that.