어림 is a noun meaning 'rough guess', 'approximation'. 도 means 'also' or 'too' (ex. 저도 좋아해요 = me too I like). 없다 is a verb meaning 'there is not', 'doesn't exist' (ex. 아무것도 없다 = there is no problem). Therefore 어림도 없다 literally means 'not even a rough guess'. It has similar meaning with 'it is out of question' or 'not even a chance'. You can use this expression when it's likely that something is not going to work or it is out of any sense. Here is an example : 그 구식 컴퓨터로 네가 필요한 소프트웨어를 실행하는 건 어림도 없어. There is no way this software you need is going to work on this outdated computer. “나한테 10달러만 빌려 줄 수 있어?” “어림도 없는 소리 하지 마!” “Can you land me ten dollars ?” “No way !” (or “Out of question !”, “Not even a chance !”, “It is not going to work out !”) Hope you understand ! 파이팅!

어림 means 'A guess/An approximation' ~도 is a particle that means "Too/Also" 없다 means "To not have, to not exist" So, the expression means "Not even a guess", as if you have no idea. For example: "언제 기차가 도착할 거예요?" "어림도 없어요" "첫 번째 질문에 정답 뭐예요?" "어림도 없어서 답지 않았어요"

Actually, 어림 has two meaning. The first one means 'guessing'. Korean use 어림잡아. It means that I can guess this.... For instance, 어림잡아 삼천원 정도는 줘야 할겁니다. or 어림짐작으로 사람을 나무라면 안된다. But usually, you can use 내 생각에는, 내 짐작으로는, instead of 어림잡아. 내 짐작으로는, 삼천원 정도는 줘야 할 겁니다. 짐작으로만 사람을 나무라면 안된다. The other one is ridiculous, nonsensical. And when you say that you have to put after 없다, 없이 없는. Such as 어림없이, 어림없다. 어림없는 어림없는 소리는 하지도 마라. Don't tell me such a ridiculous story!