*Giggle*
Apparently this new slang/colloquial usage is so widespread that Slate magazine devotes an entire article to it!
The new "fail" probably has its closest cousin in the term Schadenfreude.
Amusing line from the article: "The highest form of fail—the epic fail—involves not just catastrophic failure but hubris as well." The quasi-serious discussion of an Internet meme, combined with a term from ancient Greek tragedy, is too funny!
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