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Stands for "little bit of pee from laughter".

Usually said after a rather hilarious comment or incident that could, and sometimes does, make the laugher accidentally wet their pants with pee from uncontrollable laughter.

PWNS the acronym, DOL.
Guy 1: "Hey man, you remember how I was going out with Stacey?"
Guy 2: "Yeah... How's that going?"
Guy 1: "Turns out her real name is, Steve."
Guy 2: "LBOPFL!"
by llmikeyj February 18, 2010
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