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1.
The act of getting seperated from your friends or significant other at Lallopalooza. This is either due to having to use the port-o-pot or being too inebriated from booze and/or illicit drugs.

Also, the act of losing something of value at Lollapalooza.
Example 1

Stranger - Hey dude, are you OK?
You - No, I had to piss and left my bros right here about an hour ago.
Stranger - Oh man, you sound Lollapalost!

Example 2

Friend 1 - Dude, where is your other flip flop?
Friend 2 - I Lollapalost it in Perry's tent. Deadmau5 was off the chain. But I got this honies digits so its coooo.
by Lollapaloser August 12, 2011