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3.
An event which takes place on the internet with three or more participants that is funny, but clearly motivated by unsavoury and morally bereft inclinations and means and would likely be considered offensive by other, more sensitive individuals.
P1: omg, ur a f*ckin f*g.
p2: f*ck you, f*g.

p3: f*ck you both, you're both f*gs.
p4: f*ck you n*ggers, you're all n*gger f*g k*kes!
Ghett0: Jesus Christ, what a f*ckin 'lolercaust. Will you guys give it a rest before you get yourselves banned?
by OG Ghett0 May 21, 2009
 
1.
Like the Holocaust, but funny!
Today in school, we learned about the LOLercaust. It was funny.
by Rampant Teamkiller September 01, 2004
 
2.
mass laughter

similar to mass destruction of a holocaust
person1 - i peed my pants today

person2 - lol lol

person3 LMFAO!!!

person4 OMG LOL!

person5 - Its a lolercaust !!!
by Marcq June 16, 2006
 
4.
Possibly the mass killing of noobs, who inspite of their extreme pain, still continue to say lol.
1337 Guy: Hey noob...stfu or gtfo.
n00b: ......omfg lolerskates!?
1337 Guy: What the random!? -Chops off noobs head-
n00b: lolololololol ow guy :
n00b2: OMFG IT R TEH LOLERCAUST!!!!!!
n00b3: y they be hatin? :

n00b2: cuz we got les cloze then dem on gaia :(
by The Stick September 26, 2005