When you mockingly LOL at a situation and simultaneously stretch out your tongue and make it sound as Vulgar as possible.
It is an evolved interpretation of the term LOL.
Unlike LOL, it possess an amazing feature of Vocal Integration. It can be used freely in normal speech.
Pronounced as : "LOL-AXE"
"He Knifed him from behind!!! He didn't even notice!!! LOLAX!!"
Somewhere else (In Speech) :
A: *Laughs* Look at that guy! His fake beard fell off in the middle of the show!
D: LOLAX! Totally!