I was actually going to talk about the word “fiance,” and how it entered (or perhaps re-entered after British folks stopped speaking French in the middle ages) English surprisingly late, but I mis-typed, got curious, and discovered that “fiasco” is way more interesting, LOL.
So. The definition of “fiasco” is failure. It began as a theater term for an onstage flop in 1855, but since we’re always looking for new ways to describe our blunders, it only took 7 years for this word to transcend the fourth wall and make it into the speech of the audience. 
Its roots, however, are mysterious. In Italian, “fiasco” means bottle. So, um . . . what does that have to do with a failure of epic proportions?? The OED makes vague references to long-forgotten theater incidents in Italy (bottle over the head, maybe?), but the compilers of www.etymonline.com found a far more likely reason in an Italian dictionary. There they found fare il fiasco, the notion of a game in which the loser is expected to buy the next bottle (of wine). So the mistake causing the loss–a costly mistake, one might say–could easily have earned the shout of “fiasco!”
Works for me. 😉
As a side note, tomorrow is my 500th blog post, so I’m going to be cooking up a fantabulous giveaway of some sort. =) See ya then!