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1.
OLC
Abbreviation for Old Lying Cunt. Used when an elderly female lies to gain attention for herself.
At Stephen's going away party for college, Grandma Byers offered to pray for him. Everyone thought that would be a nice idea, so she began: "Dear Lord, please help Stephen as he goes to college. Particularly help him with his anger problems, as we all know he starts fights, and hardly ever wins. Don't let him get beat up again. And please keep his racism in check. Don't let him use the word N-I-G-G-A-S referring to white people he doesn't like, and don't let him use the word N-I-G-G-E-R-S, for that always gets him in trouble, like it did when he used it last week..."

Grandma Byers was cut off by an angry Stephen lunging at her. "That old lying cunt doesn't know what she's talking about!!!!! Get that OLC away from me! She's not even my grandma! Who is she, anyway?"
by One dude. May 26, 2009
 
2.
Over-lapping cups; When the rims of beer pong cups overlap each other. A request is made to fix the O.L.C., and the opponent is required to correct the mistake.
"Can you fix the O.L.C.?"
by beatlemania68 October 04, 2007