A synonym of "dick jokes." Usually, a penis that is worthy of Cocklolz is undersized, crooked or mis-shapen, inverted, or unusually colored.
Alyssa: You're so cocky. Twat.
Me: I don't see how I'm being cocky.
Alyssa: Oh that's right, there's nothing for you to be cocky with you little asian whore. hahahah
Me: You can sip on those Cocklolz all you like, I could choke a bitch with it.