Sunnybunny, the following response are "typical"
Just out of curiosity, what happens to failed engines and where is a replacement obtained from.
Depends on the nature of the failure. More often than not, a repair is made and the engine is rotated back into service. Many airlines have replacement engines in inventory (coming out of above mentioned repair) or access to replacement engines in arrangements with engine manufacturers or maintenance providers
Are they repaired and fitted back onto aircraft in a fleet assuming they do their own maintenance? Do big airlines have spare engines lying around?.
Yes, as a rule, but not necessarily right away, even if someone else is doing their maintenance. Also, the same engine does not have to back on the same airplane. They move around quite a bit. That way, you can put the airplane back into service. No point waiting around for an engine, eh? We got a beauty right over here for ya Governor.
Is there a second hand reconditioned engine market with hangers full of spare engines.
Full, no, but there are lot of aircraft in the Southwestern USA desert. That said, engines are available. I wouldn't say there's hangars full of them, but they are available. The usual headache is if the aircraft is not at its home (maintenance) base. Then they have to get one to the aircraft.
Otherwise, it's really not that big of a deal. Really.
Oh, and Teachme, My God, learn some manners.