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1. LOLAY
An abbreviation for "Laugh Out Lough At Yourself". A way to laugh at yourself when you realise you acted in a humorous manner. Similar to word usage such as LOL, rofl, roflmao, lmao, fml, fyl
I just placed my hand in my own dribble. LOLAY!

Luka was LOLAYing at possible redemption against himself, as he stuck a portrait of Decler on his powerpoint presentation
2. lolay
lol at you
"i ate a whole faggot today!"
"lolay"

"i cant go to town tonight, my mum wont let me"
"seriously?! LOLAY"
3. LOLAY
Laugh Out Loud At You. Derisive derivative of LOL. Mainly used in chats/emails/texts. May also be seen as LOL@Y LOL@U
John Customer: Your internet service is slow!
Tech support: What version of Windows is on your computer?
John Customer: Windows 98
Tech support: LOLAY
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