Something that used to be good, but due to a combination of shoddy planning, dumb bad luck and inability to replicate previous successes, has become a piss-poor shadow of itself.
"Hey, whatever happened to (some guy)? He was top of his class and now he's homeless."
"Yeah, he's a classic Sri Lankan cricket team."
Where a man takes his partner for a upmarket three course Sri Lankan meal, pays for her like a gentlemen whilst removing his pants and proceeding to wrap a cucumber in aluminium foil before shoving it in his anus and then farting, thus blowing the aluminium foil covered cucumber into the women's eye.
Serbio: I was really horny after watching Slumdog Millionaire last night,
Marcus: Same. Where did you go after you left my apartment?
Serbio: I took Martha out for dinner and gave her a Sri Lankan Stinkbug.
Marcus: I am never speaking to you again.