What does "throw in the towel" mean — and why is it funny?

informal

Meaning

To give up; to admit defeat and stop trying.

Where it comes from

From boxing, where a fighter's corner would throw a towel into the ring to stop the fight and concede on his behalf.

Why it is funny

There is a small, rueful comedy in surrendering with a piece of laundry. The most dramatic moment of defeat is signalled not with words but by lobbing a damp towel through the air.

Used in a sentence

"After the third failed recipe, I threw in the towel and ordered pizza."