Sometimes spelled 'lol youtube'. A term referring to the general stupidity surrounding YouTube. This includes the users, videos, and management of the site.
Guy 1: "My teenage sister sits in front of the webcam for ten minutes every day talking about completely random things."
Guy 2: "Is she making one of those LOLyoutube podcasts?"
Guy 1: "Ugh. I can't believe I just watched a seven-minute video of some guy showing off every one of his anime figurines.
Guy 2: "LOLyoutube is an embarrassment to society."
Guy 1: "What the hell? YouTube just took down one of my tutorial videos for copyright infringement! There was nothing copyrighted in there!"
Guy 2: "LOLyoutube."