'Down the drain' seems like a pretty fair guess, and the only thing really within the range of possibility so far in this thread. Of course there could be any number of other things he really said, but nothing we've thought of that fits the description yet, assuming the description was halfway right.
Galeazzo's idea in #2 would only work if we had some reason to think there was an airplane involved which the speaker was very fond of, or the speaker was a pilot, or was picturing a punctured balloon ... Maybe that is actually possible, who knows. It is indeed the only likely explanation for the exact words 'down she came,' if we assume the OP heard correctly. 'Here' doesn't really fit, but that one word could have been something else, like 'and.'
'Darn you, then,' in #5 doesn't seem to fit phonetically, much less dude's randomly offensive #1. 'Chicanery' in #3 is a great word, but it seems highly unlikely in casual conversation.
The only other thing I thought of was something with 'game,' like 'So much for that game,' or 'Third out's the game,' but I couldn't come up with any syntax or rhythm that really seemed to fit.
'Shot down in flames' might be another one at the very edge of possibility -- or maybe that's just Galeazzo's airplane again. (-:
If you didn't actually record the call and all you have is a fleeting impression, the chances of guessing it probably aren't very good.