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1.
You

Only
Laugh

Out
Loud
Once

Comes from the words YOLO and LOL
-Dude, this guy is gonna kill us when we laugh at him.
-HAH, YOLOLO
by OPisAfaggit November 07, 2012
 
2.
You only laugh out loud once. For when something is just kind of funny.
Guy #1: Did you hear about the best butter competition? There was a small margarine of victory.

Guy #2: YOLOLO!
by tiger36 June 12, 2012