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Lollama is a term used for describing something so funny that it would make even the stern faced llama laugh out loud.
Guy: That movie was hilarious!

Girl : I know that movie was LOLlamas

Guy: yeah! . . .wait. . . whaaat?!?!?!
Related Words

LOLamatron 

A machine, designed and programmed to create LOLs
The most advanced LOLamatron in the UK belongs to Edd Gould
LOLamatron by Noodlesofice April 4, 2009

lolamander

one who exibits serious gayness or stupidity. or is named mason.
Mason is such a lolamander, right?
lolamander by katlovr56684 March 14, 2011
another form of lol, most like created by popular kids who like to pretened that they like llamas, because they think it is cool. but it isn't.
"and then he asked me out! lollama"
lollama by i love urbanness January 1, 2005

LOLAMAGJ 

Used in Diablo II when some gay zon kills you while you're naked, using slow, or just being a blatant homosexual.
LOLAMAGJ by Mog14 October 12, 2003
To calm down, or chill

etymology: low (down) and lam (slow)
"Fuck im getting married"
"Dude, lowlam and drink a vodka"
lowlam by Shakeel_Mohammed May 8, 2018