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1.
Laughing so hard that you fall off your bed and have the chair fall on you and still continue to laugh while your mom comes in and starts screaming at you.
A longer way of saying lol , lmao , lmfao , roflcopter , roflmfao , and etc

Ex (actually used once in a chatroom):

Person A: Dude, what have you been smoking?
Person B: LSHTYFOYBAHTCFOYASCTLWYMCIASSAY
by CKHunter April 19, 2010