To remove water from a boat by scooping it out with a container. We had to bail out the boat quickly to prevent it from sinking.
To provide financial assistance to prevent failure or collapse. The government decided to bail out the struggling bank to stabilize the economy.
To abandon a situation or activity, especially one that is difficult or unpleasant. He decided to bail out of the project when it became clear it was going to fail.
To jump out of an aircraft with a parachute. The pilot had to bail out of the plane when the engine failed.