(pronounciation from dictionary.com)
a) A slang expression, meaning the pen you are holding is pretty sensational.
b) A theological tent for Christians who often like "really specific prophecy."
c) A theological system that began in the nineteenth century with the writings of J. N. Darby. Among the general doctrines of this system are the distinction between Israel and the church as two groups in God's overall plan, the pretribulational rapture of the church, a future literal fulfillment of Old Testament prophecies concerning Israel, and the dividing of biblical history into seven periods, or "dispensations," of God's ways of relating to people. (Wayne Grudem, Systematic Theology)
Note: if this were a quiz and you didn't guess "c," you would be hopelessly wrong.
So what do you think about dispensationalism? Do tell . . .