A person who, whilst thinking they are the Alpha Male of the group, often strutting around, being brash and cocky, is actually a complete fucktard, will end up fucking his hand most nights, and is a general douche.
Can also be used when a "fail" is so epic that it's just irretrievable.
Guy 1: "Look at Mike, he thinks he's such a player, he thinks those girls are lapping him up but they're laughing at him behind his back"
Guy 2: "Yeah he's such an Alpha Fail"
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