lolphemism 

Any word that is composed of acronyms dealing with laughter, that sounds like a real word. For example, roflcopter, loller skates, and lmaonayse

"Lmaonayse is my favorite lolphemism"

"lolkay"

lolphemism by Greatxander February 25, 2008

Lolphemism 

The usage a chat acronym (LOL, ROFL) or a smiley to make an otherwise offensive or hurtful statement sound less severe.

Scenario 1

Jake: dude, your girlfriend sarah is such a bitch

Alex: gtfo faggot

Scenario 2

Jake: lol your girlfriend is such a bitch :D

Alex: haha, im glad i have supportive friends like you lol

(Scenario 2 is an example of the usage of a lolphemism to convey the subtle message that sarah is a bitch, while making the user 2 believe that user 1 is using sarcasm)

Lolphemism by cerealmage2188 October 6, 2009