The word "theory" is used differently within the sciences than it is within common vernacular. In a general argument, someone can bring up a theoretical situation. Of course in this situation, theory is used as a real world situation that hasn't happened. This type of definition does not apply to a scientific theory. In this case, the hypothetical situation is tested by observations and experimentation in order to see if it is actually happening.
I feel that the looser definition of theory is erroneously used in scientific situations by those who are unfamiliar with the actual practice of science. They feel that anyone of the definitions for "theory" found in the dictionary are reflective of its use in science. This couldn't be farther from the truth.