Sure, it means DEATH. AS in no more life, as in no eternal life.
Strong's Concordance and Thayer's Concordance:
LSJ Gloss:
ὄλεθρος
ruin, destruction, death
Strong's:
ὄλεθρος
a prolonged form); ruin, i.e. death, punishment
Derivation: from a primary ὄλλυμι (to destroy;
KJV Usage: destruction.
Thayer:
1) ruin, destroy, death
1a) for the destruction of the flesh, said of the external ills and troubles by which the lusts of the flesh are subdued and destroyed
Ordinary usage of the word (as well as John 3:!6 as well as Malachi as well as numerous other places) say that man is burned up destroyed, that he does not have an immortal soul, that we are mortal and that the gift of God is eternal life.
To think otherwise is to believe that we don't need Jesus to have eternal life which goes completely against scripture.
No, it doesn't go against scripture. We have eternal "life" with Christ. They go to eternal torment/punishment. Atheists believe that life simply ends and their is nothing after this life on earth. They take your words and live it up now because they don't care to live eternally with God and have no fear of anything after they leave this life. Satan loves the "no eternal punishment" crowd.