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1.
First coined by PinkPoobah.
It's referring to the feeling you get after you've been laughing really hard for a long time; similar to being slightly drunk.

You use it in the place of LOL to convey that you laughed harder than you normally would if you had just LOLed.
Brittany: So we were playing truth or dare last night, and it ended up that Michael had to knock on people's doors with a clown suit on and ask them to throw eggs in his face!!

PinkPoobah: Did anyone actually throw eggs at him?

Brittany: YEAH! This one lady attacked him with a whole egg carton!

PinkPoobah: OMG!!! LOLCOHOL!!
by PinkPoobah December 01, 2011