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the term lol (meaning laugh out loud) with a chain of 'ol' at the end of it to express extra laughing or just to emphasize the hilariosity of the matter you are laughing at.
LOLOLOLOL and so on, turns to LOLCHAIN.
lolchain by awesomeone January 16, 2008
Related Words
to laugh at someone's failure, a combination of the acronym LOL (Laugh Out Loud) and fail, which is often used in forums (epic fail). In essence, its showing that you think that someones failure is humorous. They may decide to punch you.
"Dude, I found out that my girlfriend is pregnant!"
-"lolfail"
<punch>
lolfail by Chuck Belt March 10, 2008

lolchair 

Lolchair is the most amazing spinoff on lolcats ever!
-I saw something awesome today!
-what?
-THE LOLCHAIR!
-Oh Emm Gee!
lolchair by FiskFisk33 June 24, 2008

LOLPAINT 

the reaction after seeing someones drawing/painting of a picture using MS paint, these are usually the biggest failures art wise

you may see a ~ tilde added after the LOLPAINT to give it a bit more punch
-sees someones shit effort of drawing on MS paint-

reaction:
'LOLPAINT'
LOLPAINT by Aaron Presley October 28, 2008
It's "Laughing out loud" and "Hacks" together, that basically means someone is cheating in some game, mainly FPS.
Gamerone: WTF, you just keep shooting only headshots!
Gamertwo: lolhax
LOLHAX by fokker1337 January 24, 2008

lolwaitwhat 

lolwaitwhat is the sequence of believing something is funny in a chat and then immediately realizing it is offending or more thought is needed about the subject.
Me:I eat puppies.
You: lolwaitwhat?
lolwaitwhat by iHaruyuki August 18, 2010