Pronounced dizástá tástrəfee
Cleverly put together words Disaster and Catastrophe.
1.) A situation which may be called a disaster or catastrophe or even worse, both.
Original Source - Said by "Ted Bear" in one of Cyanide and Happiness' YouTube videos.
Ted Bear - "Here's the scenario, you're on an international flight and the best has gone dodgy. Perhaps a albatross with poor eyesight has confused your plane engine for a mate and smacks right into it! Muckin' up your one snug commute to a spiraling disastatastrophe.