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1.
a moment when you are laughing for a very long time
After Albert was hit the dick during baseball I went through a lolocost.
by MillerSpeed April 26, 2010
 
2.
An inaccurate variant spelling of "lolocaust," circulated particularly among the semi-literate and those who clearly haven't read much about the Second World War.
That someone took the time to submit a separate entry on 'lolocost' when the more obvious definition is just above it in the Urban Dictionary—it's enough to precipitate the lolocalypse.
by The Brometheus April 19, 2011