I sure hope so; “Fail” is a surprisingly versatile word.
Unfortunately, I can also see it falling out of fashion just like “groovy”, “Daddy-O”, “Gag me with a spoon,” etc. Heck, it wasn’t long ago that you couldn’t walk two steps w/o bumping into an “Emo” kid, but nowadays I haven’t heard that phrase in months.
“Fail” has been a word for most of the past millennium. It is popular recently, but does it mean anything now that it didn’t before?
I hope not. It grates on my nerves somethin’ fierce. “Your haircut is a fail” … It’ll go one of two ways- die out like some that you mentioned, or work its way in like “totally” and “Really!”
The one I hope doesn’t continue for much longer is “totes.” HATE IT.
Catchphrase fail!
Do people actually say ‘epic fail’ in speech? Not heard it said too often, it’s more something to write. Doesn’t work at all as a phrase to speak IMHO.
Not that I have a clue how the kids are speaking to one another these days.
I hate “my bad” and it hasn’t gone away.
I hear people say it in speech, but it usually marks them as a nerd even nerdier than myself. It’s like people who say, “I can has _____?” or use the fake-swears from Battlestar Galactica or whatever it is that guy from Big Bang Theory says. Bazinga or something.
It will fade away soon enough. All the annoying stuff will. And then there will be new annoying stuff.
Fail is ok, but people who say “full of fail” or its evil twin “full of awesome” need to die in a fire.
Not!
It’s being used as a noun now. That’s what’s new.
It was in common verbal use by my roommate in the late-'90s. ‘Dude! That was epic!’
Epic Fail FTW!!! 
Etymonline disagrees: “The noun (e.g. without fail) is from late 13c., from O.Fr. faile “deficiency,” from falir.”
Win and fail are likely here for a good long while.
Fail is full of win.
Like, totally.
Oh yea, all the kids say it these days. I hear it all the time and I hate it because it’s total weaksauce.
Cool. 
I hope not.
I’ve never heard or read this idiom before. How is it used & what does it mean?