1. To ramble incessantly about something.
2. To troll
someone with a meme
3. A more recent replacement for "for the lulz!
Taken from the early-2010 internet meme of the "Russian Rick Roll".
John: And so I went to the place with the guy and we did the thing and then this other thing happened so we met up with a guy in a place...
Jack: STOP TROLOLOING!
John: *Puts pedobear
image on /b
Jack: WTF, noob. Quit trololoing the forum.
Jack: Why did you set the maternity ward on fire?