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Describes something that has gone horribly, horribly wrong.
"My god," exclaimed Redders, "I've had a complete and utter failover!"

The 'over' part can be preceded by any word relating to the situation eg "beerover" (spilling of alchohol), "birdover" (woman trouble) or "leanover" (actually that's completely different.
failover by Burtover September 26, 2003
Related Words

Failover test

Something that software engineers tell their wives they have to do late at night but it’s really just an alibi to go out drinking with the boys.
I told Katie I had a failover test I had to do at work from seven pm till β€œhopefully not too late.” She bought it so now I can go out with the boys.
Failover test by Friends Show July 15, 2025