Acronym for "Laughing At Your Misfortune."
Used when someone tells you something bad (but not overly serious) happened to them and you want to laugh.
"On the way to my first class I tripped on the stairs in front of everyone!!" "How did you manage to do that?!?! LAYM!"
A derivation of lame, meaning stupid, idiotic, moronic, and any other meaning lame is used to connote, aside from it's original meaning of "crippled."
This ghey word was invented in response to the word "ghey", which was defined so as not to offend "…individuals of a homosexual persuasion." If we're going to be PC, let's be PC to all, including the truly lame. Until of course we need to also be PC to the laym. Is it laym to redefine lame? Yes, and it's also ghey.