saying, "no thanks" to a fat chick. Usually used when the opportunity for sex is at hand.
This fat girl named Betty wanted to go home with me for some late night action. My reply was "tanks but no tanks!"
One of your friends that has a lot of money, girls, and prestige but lacks cable television at his apartment. This friend can be found at your apartment watching your TV therefore dubbing himself a "lard lad".
Kyle: Yo dog we are gonna pick up a bag quick at lard lad's house, this kid is loaded but he ain't got cable!!
Eric: No cable? Damn I know that kid he's got everything except cable TV.
Kyle: I know, its whack
A guy or girl you "settle" for becuase you can't be with the on you really love.
yo I really miss my ex-girlfriend but that baxter over there will do just fine.