It is a cross between liability and Rafferty:
Liability is something that is a hinderance or puts a group at a disadvantage or increases the possibility of an incident
Rafferty means to make a complete mess of any job to the extent that it is written off
The combination of the 2 adds much more emphasis and is used to describe the inevitable train crash of any task if there is a Raffability around.
"We got a brand-new gateway from Comcast, but still only have wireless crapability -- every YouTube video freezes every five seconds."
Originally from Arrested Development: GOB's mispronunciation of "wireless capability," when listing Michael's ideas for Sitwell homes: "Number 32: Wireless crapability, that one explains itself."
The ability or potential ability of something to be jerry-rigged; the extent to which something can be jerry-rigged, MacGyvered, yankee-doodled, wham-boozled, hanky-pankied, sauteed or flambe'd.
Jerry: Hey MacGyver, what do you reckon the jerry-rigability is of this here tore up half-a-motorcycle?
MacGyver: Hard to say Jerry... but give me your belt, a tennis racket, those shoes, a watermelon and that child's balloon animal over there and we'll find out!