The expression to be dead in the water comes from the image of a ship which is unable to move due to a power or engine failure. If something is described as being dead in the water it is unable to work or has failed and is unlikely to succeed in the future.

1. After the politician's controversial remarks, his election campaign is now dead in the water.
2. I didn't get the results I was hoping for in my exams. My dreams of going to an Ivy League college are dead in the water.

1. Now that we've lost our funding, the project is dead in the water. 
2. The boss vetoed that idea so forget about it. It's dead in the water.