1. What happens when you laugh while you drink a fizzy drink. Instead of being swallowed, the soda goes up the nasal passage at least, and sometimes it spews out through the nostrils.
2. A warning signal to others of impending danger to spew soda out their nose if they are sipping while watching, listening to, or reading a funny episode. Often used in fan groups like on Yahoo!
1. The joke was so funny it caused her to have nose cola.
2. The following is a funny story I wrote. Warning: nose cola!
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