Using Lucothefishs' example of villain raising to $1.60:

Immediate Odds: I call $1.18 to win pot of $2.67 or 2.3:1
I am a 4:1 underdog so the immediate odds do not allow me to call on that alone.

Implied Odds: "Immediate odds plus any money I may make on future streets" I call $1.18 to win $2.67 plus the rest of the effective stack. (not sure if its my whole remaining stack or my remaining stack - $1.18 (what it takes to call the turn raise). I'll assume the later. So I call $1.18 to win $2.67+$2.26 = $4.93 which is 4.1:1
I think I added too much into my first try.....
But still even in this scenarion I think the implied odds are still there. I am a 4:1 dog but implied odds are approx 4.1:1.

I hope I am getting this.