Etymology
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pipe dream (n.)

the sort of improbable fantasy one has while smoking opium, 1870, from pipe (n.1) in the smoking sense + dream (n.). Old English pipdream meant "piping," from dream in the sense of "music."

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Definitions of pipe dream

pipe dream (n.)
a fantastic but vain hope (from fantasies induced by the opium pipe);
I have this pipe dream about being emperor of the universe
Synonyms: dream
From wordnet.princeton.edu

Dictionary entries near pipe dream

pion

pioneer

pious

pip

pipe

pipe dream

pipe-fish

pipeline

piper

pipes

pipette