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1.
An expression used to accentuate the ownage, diss or burn that you just performed on someone.
*You just got owned in CS*
"OH LAAAATE!"

"That's not what your mother said last night."
"OH LATE"

Variations:

"OL8"
"You know what my favorite food is? Choc-OLAAAATE"
"I want coffee. Preferable café- O LAAAIT"
by OL8 May 09, 2010