In the craft world, we use UFO to mean Unfinished Object.
UFO's are all those projects sitting around the house that you were soooo excited to start, and then pooped out on halfway through. But someday I will finish them! That's why they haven't been torn apart to salvage the materials.
I looked around, and just within easy reach of me I have five unfinished projects. One was a birthday gift for my daughter. TWO years ago. Maybe I'll finish it up and give it to her this year. Boy, will she be surprised if I do.
Do you have any half-finished projects sitting around your house? Do you think you'll ever finish them?