1 definition by Saru

Actually two words made into one compound word, it is basically saying "lol, fag". Usually meaning "Lol, you're a fag" or "Lol what a fag".
Tom: I can't beat level three :(
John: Lolfag

or

Tom: Some guy slapped my butt in the locker room O_o
John: Lolfag
by Saru November 6, 2007
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