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Megalolz 

herd orientated phrase derived from internet based social media to signify a moment of hilarity/cringeworthiness or as an act of attention seeking behaviour often cited in modern life.

this is often delivered in a group of people or anonymous internet forum so as to gain acceptance from that group (normally referencing another's shortcomings - usually someone not present or accepted in the group).

seen as a witty line of agreement or base of acceptance within your peers. normally delivered by people with low self esteem, or limited strength of character to form independent thought processes.
"OMG, megalolz!"

"and he fell over in front of everyone...megalolz"

"she's so lame she cried in front of him...megalolz

totes, epic fail"
Related Words

MEGALOLZ! 

Usually use via instant messengers (MSN, AIM, etc..)
Its far funnier than your regular "lol"
MEGALOLZ! by Minemini December 9, 2008

megalulz 

An extreme form of lulz, which itself is an descendant form of lols.

It is normally used in fairly morbid situations.
Andres: Did you hear about Max?
Julio: No, what happened?
Andres: So he was on his Piaggio doing over 10 on the freeway, when an enraged moose started racing him. He was winning when he ran out of fuel. This caused him to be thrown under the fuel tanker behind him. A massive explosion resulted and the only part found of him was his left testicle. His bike and the moose were unharmed though.
Julio: Megalulz!
megalulz by Omid Chowdhury March 8, 2008

MEGA LOLZ!!!! 

a joke that originated from the punktastic forum
was then used on lostprophets tee shirts and punktastic tees.
only about 1/7th of people wearing the lp MEGA LOLZ!!!! tee get the joke.
MEGA LOLZ!!!! by drunkgay June 20, 2007
If somebody takes the piss out of someone who is in your conversation (e.g. email or msn) and you find it funny, you may want to say "Megalol". This is particularly applicable when the comments made are awkward, or you know they won’t like what was said but still find it funny anyway.
Bloke 1: Yeah well maybe if you got a job and stopped playing World of warcraft you’d get a girlfriend
Bloke 2: (silence)
Bloke 3: “MegaLOL”
MegaLOL by barnett time November 20, 2006