Green’s Dictionary of Slang

(US campus) to spoil, ruin or fail.

1966		Current Sl. I:3 5/2: Lunch, v. To fail.
1972		Frank Zappa ‘Billy the Mountain’ 🎵 Test stand number one and the rocket sled itself got lunched.
1973		S. Ace Stand On It (1979) 232: He’s gonna blow the engine. He’s gonna lunch that sumbitch right about here [...] And Demon did.
a.1990		in P. Dickson Slang!