look up any word, like the eiffel tower:
 
2.
Binary (sic) version of LOL. Indicates laughter.
When I saw all the jars of peanuts in his cupboard, I was like "10101012"!
by James J.Jameson January 29, 2004
 
1.
Taken from "LOL" which sometimes looks like "101", then, add computer geek humor by saying "101 101 101". Made funnier by then slamming the geek by adding a "2" at the end (not permitted in binary).
Those geeks really clobbered the product this last revision. 10101012!
by Mattsageek January 30, 2004