The word used to describe a magnificent amount of lag on one's computer/gaming system.
"I should've turned down my resolution, my computer is so lagnificent."
Person 1: OMFG I just got killed cuz im lagnificent.
Person 2: Nah, u just suck.
When the lag in a Modern Warfare 2 match is so amazing, all you can do is sit in awe at how you die.
Dude, that match was lagnificent, you should see some of the killcams