What does precarious mean?

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From our dictionary:

pre•car•i•ous

Pronunciation: (pri-kâr'E-us), [key]
adj.
1. dependent on circumstances beyond one's control; uncertain; unstable; insecure: a precarious livelihood.
2. dependent on the will or pleasure of another; liable to be withdrawn or lost at the will of another: He held a precarious tenure under an arbitrary administration.
3. exposed to or involving danger; dangerous; perilous; risky: the precarious life of an underseas diver.
4. having insufficient, little, or no foundation: a precarious assumption.