From The Collaborative International Dictionary of English v.0.48:

Washout \Wash"out`\, n.
   1. The washing out or away of earth, etc., especially of a
      portion of the bed of a road or railroad by a fall of rain
      or a freshet; also, a place, especially in the bed of a
      road or railroad, where the earth has been washed away.
      [1913 Webster]

   2. a complete failure; -- of an enterprise.

   3. a person who has failed a course of study or training,
      leaving the program before its completion.
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