Someone fucking something up because they're incompentent or weren't paying attention, thusly fucking themselves and possibly others over.
Biff: Christy sure dropped the ball on this whole Christmas party thing, now I have to come in this Saturday to help decorate.
Joey: That blows dude, she should be fired.
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).