A goal awarded despite the ball not crossing the line, or denied when it clearly did. Before goal-line technology, these caused huge controversies. Lampard's shot against Germany in 2010 clearly crossed the line but wasn't given; Luis Garcia for Liverpool against Chelsea in the Champions League semi-final in 2005; Geoff Hurst's 1966 World Cup final goal probably didn't cross but was given. Technology has mostly eliminated ghost goals, but the term lives on.
When a lower league or underdog team knocks out a much bigger club, usually in a cup competition, particularly synonymous with the FA Cup. The smaller team has nothing to lose, give absolutely everything for 90 minutes, and the favourites often look like they can't be bothered. Home advantage at a tight, hostile ground helps too.
Do you remember Mickey Thomas' screamer against Arsenal in '92? What a giant killing.