It is a combination of two popular acronym rofl; "roll on floor laughing" and lmao; "laugh my ass off."
Although 98.5% of the time you don't actually proceed to execute the task, it gives you another futile word to add to your pitiful vocabulary.
GOD BLESS AMERICA!!!... foclao.
"not much muh nigga."
"FOCLAO! you said nigga!" (Big G)
(2) "DUDE! i think i shit my pants!!"
"wow... foclao xD