The Collaborative International Dictionary of English v.0.48:

fizzle \fiz"zle\ (f[i^]z"z'l), v. i. [imp. & p. p. fizzled
   (f[i^]z"z'ld); p. pr. & vb. n. fizzling (f[i^]z"zl[i^]ng).]
   [See Fizz.]
   1. To make a hissing sound.
      [1913 Webster]

            It is the easiest thing, sir, to be done,
            As plain as fizzling.                 --B. Jonson.
      [1913 Webster]

   2. To make a ridiculous failure in an undertaking, especially
      after a good start; to achieve nothing. [Colloq. or Low]
      [1913 Webster +PJC]

            A four-day rally in stocks fizzled yesterday amid
            renewed fears that strong economic growth may prompt
            the Federal Reserve to raise interest rates.
                                                  --Sharon R.
                                                  King (N. Y.
                                                  Times, May 6,
                                                  1998).
      [PJC]

   To fizzle out, to burn with a hissing noise and then go
      out, like wet gunpowder; hence: to fail completely and
      ridiculously; to prove a failure. [Colloq.]
      [1913 Webster]