A contraction of the the words "or not." Used when observation is proved wrong within a couple seconds.
"It looks like we might actually beat the Bears in basketball!" Susan said when the Lions scored a basket with only 4 seconds left. "Orn't," she said glumly when the Bears shot a 3-pointer to win the game.
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.