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2.
1. What happens when you laugh while you drink a fizzy drink. Instead of being swallowed, the soda goes up the nasal passage at least, and sometimes it spews out through the nostrils.

2. A warning signal to others of impending danger to spew soda out their nose if they are sipping while watching, listening to, or reading a funny episode. Often used in fan groups like on Yahoo!
1. The joke was so funny it caused her to have nose cola.

2. The following is a funny story I wrote. Warning: nose cola!
by Geodesic March 04, 2012
 
1.
Nosecola: The process of laughing while having a mouthful of Cola. Causing the liquid to expel out of your nostrils.
Old person falls over, //Nosecola.
by Cap'n Gallagher December 25, 2012