It's one of the most misquoted sayings in the English language and it's taken its latest victim in Alan McInally on Soccer Saturday today.
https://www.youtube.com/watch?v=byhY07xqcXI
Emm, it's 'damp squib' Alan. Come on now...
An event which people think will be exciting but which is disappointing when it happens.
Usage notes: A squib is a type of firework (= a small container filled with chemicals which explodes to produce bright lights and loud noises) and if it becomes wet, it will not explode.
*Laughs nerdishly.*