Sky

To elevate, ennoble, raise. It is a term in ballooning; when the ropes are cut, the balloon mounts upwards to the skies. (See Skied.)

“We found the same distinguished personage doing his best to sky some dozen or so of his best friends [referring to the peers made by Gladstone].”—The Times, November 16, 1869.

If the sky falls we shall catch larks. A bantering reply to those who suggest some very improbable or wild scheme.