When an event or a new piece of equipment has been hyped up, had a huge amount of money spent on it and it fails miserably to do what it is supposed to do. Word is in reference to the London Heathrow Terminal 5 fiasco.
Eric: 'Have you seen the new storage system; I've heard it's a Terminal 5 ?'
Geoff: 'Oh yeah mate, just been out to see it, they've got the technician in, it's out of order for the rest of the week!'
Terminal 7 is the seventh stage of brain cancer, causing constant hallucinations and visions. People with Terminal 7 find it hard or impossible to differentiate reality from fiction. The most famous case of Terminal 7 was that of Luigi Jumpman, brother of Mario Jumpman, who believed he was a hero of "The Mushroom Kingdom".
12 step recovery jargon referring to someone new who talks about how great life is, now that they're sober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.