The first part originated from 'Laughing out loud', but is recently defined more commonly as 'Laffing out laut', as popularized by the Dutch crime journalist Peter R. de Vries. The second part 'BAP' refers to the term 'Buy A Piece', used in poker communities as a way to describe the act of buying and selling percentages of one player's buy-in for poker events. This BAP is often misused by fishcakes to minimize parts of their hamburger-buy-in losses, hence the retardedness.
el-diego: "OMG nice level inbreed. I see those goals every week in my amateur league."