Somewhat like a lollercaust, but a lolzerpalooza is specific to web forums. Any thread that gets derailed into a flamewar has the potential to be a lolzerpalooza, but only those flamewars that are the most idiotic and over the most trivial and mundane issues qualifies as a true lolzerpalooza. Anyone reading through the thread is likely to die of laughter or brain damage generated by the stupidity of it.
Did you see the thread about pop tarts? That was a fucking lolzerpalooza, what a bunch of idiots.