Dictionary.com Unabridged

pipe-dream

[pahyp-dreem]
verb (used without object), pipe-dreamed or pipe-dreamt, pipe-dreaming.
to indulge in pipe dreams; fantasize.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Collins
World English Dictionary
pipe dream
 
n
a fanciful or impossible plan or hope
 
[alluding to dreams produced by smoking an opium pipe]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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American Heritage
Idioms & Phrases

pipe dream

A fantastic notion or vain hope, as in I'd love to have one home in the mountains and another at the seashore, but that's just a pipe dream. Alluding to the fantasies induced by smoking an opium pipe, this term has been used more loosely since the late 1800s.

The American Heritage® Dictionary of Idioms by Christine Ammer.
Copyright © 1997. Published by Houghton Mifflin.
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Example sentences
We may dismiss it as sci-fi fantasy or a spooky pipe dream, but wearables are
  here.
In this kind of reality, downsizing while maintaining quality is largely a pipe
  dream.
If he's wrong, he could be squandering a brilliant career in cardiology on a
  pipe dream.
It may be a pipe dream, but it is certainly a wonderful one.
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