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When a person, fails at attempting to do something dangerous, while showing off and or pretending or thinking their actions are meaningful in someway. Not completing their attempt of apparent importance or glory, in such a poor way, it shows the supposed important action to be meaningless in the first place. Usually attempts are failed in a hilarious way.
A person seeking attention fails their action as so everyone watching bursts into laughter and a person in the audiences yells fail as to which someone else continues with "fail-tastical" because the attempt was failed in a hilariously stupid way. A failtastical moment...
by Jarefio The Hunter September 06, 2009
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