Dirived from the game os "Runescape" in roughly 2005
A player named "Dtadeeds" Now "Slyce" would mutter this when laughing at "noobs" for doing something stupid.
It can be used to express humility toward someone lower then you, or it can be just randomocity to arouse someones attention.
The word can be seen used throughout parts of the internet.
Fred: Dude I just saw a level 34 running his mouth to a 58, and the 58 totally pwned him over and over.
Slyce: lulz pancakes gtfo nubz lulzorz
Fred: Yeah what a tard
Slyce: Lulz pancakes
Slyce: Tbh... idk.. :D