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1.(n.) An unflattering insult told to someone after they have not succeeded in a goal, or have continuously proven to be useless to those around them.

2.(n.)(vul.) A disgustingly mishapped breast.

3.(v.) to failbag; The act of missing a mark so entirely that an individual embarrasses themselves entirely.
1. "Go home and cry yourself to sleep you failbag."

2. "Those aren't boobs, those are failbags."

3. "There goes Jimmy, failbagging it again."
failbag by Nathan Pyrokai May 6, 2008
Related Words

failbarge 

A more extreme or severe version of a failboat. Like a failboat, but worse.
Your stupidity and failure is total. You don't even captain the failboat, you captain the failbarge.
failbarge by Stark42 June 26, 2009
Someone containing a large amount of fail.
Carile is such a failbag, she's only sixteen and already has three kids.
failbag by Kitsuneboom September 9, 2009

Failband 

Band that a musician starts or joins with the intention of making it big, but due to lack of commitment, untalented musicians and no ambition other than said musician (whether that musician is a vocalist, guitarist, drummer, bassist, pianist, whatever) and the band falls apart. Giving the said musician no progress in his musical experience other than the impression that he should try going solo to avoid failbands.
Failbands: Fuck that.
Failband by Tristanimous Bachitous November 18, 2011
(adj) conjunction: failure at being a douche bag. Common place attractive girls go out with guys whom are douche bags i.e jerks. someone who is too nice to land a hot girlfriend.
I'll never get the head cheerleader I'm such a failbag.
Failbag by Ardent-Darkness May 24, 2010