You actually can lose, as you get to the later levels it's increasingly hard to get the pieces where you want them. You either can sit there with a piece not placed forever, or reset the piece which takes away points from your score and attempt to place it somewhere. If it sits for too long close to a valid position it will lock in place even if that's not where you want it to be. A piece locking above the top ends the game.
@Kevincentius The game isn't so much win or lose as be able to get the most points, which comes from being able to move through the pieces as quickly as possible (points earned per piece decrease the longer you have it unlocked) and with a few piece resets as possible (each one reduces your score).
Interesting thought! Heh, mostly for the lulz I'd probably have included an option or a cheat mode to "just go crazy". As in, give the player a time restriction to alingning his current block...If the player can't get them alingned in time - too bad. :P When (or at all) are you planning to release this game? The site appears to be down.