On The Load is a reference to the modern culture of downloading movies and other media free, usually through person to person programs, like torrent files. It is used to signify when someone has something currently downloading or plans to for a period of time.
Guy 1: Hey man, I just went through my movie collection, I don't have "Beavis and Butthead Do America!"
Guy 2: No worries man, I already have it on the load and it will be done in a couple days.
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