When somebody asks you how many songs you have on your ipod, and you lie about it. (If you really have 150, you say something like 2000).
This is so people don't get embarrassed.
Dude 1: Yo how many songs u got on that shuffle?
Dude 2: Uh, I think like 2000 something.
Dude 1: word.
Dude 2: (talking to himself) lol, iLied.
a backtrack or a way of correcting what you just said
i think its in my room...no, i lie, i gave it to pancho
to lie about something, not in a sense of not telling the truth, but more like you were kidding. Not to be confused with the act of lying (i.e. lying about your income) more of a means to either cover up something you just said but shouldn't have, or to just confuse someone else. Can also be pronounced with massive emphasis on the I... as in EYE lie.
You are a such an idiot, i lie!
Oh, i ate your sandwich... uhh, i lie