Derived from the term lmao.
Person1: OMFAG EL OH EL I AM ROFFLING SOO MUCH RIGHT NOW !!1
Person2: Watafa? Stuff you.
Person1: Roffle roffle! Lamayo!
When "lmao" is said it is pronounced lamayo. Often used in part of the youths language when something is funny.
*Friend falls over in the snow*
U say: Lamayo, that was funny
*remembers a memory*
U say: That was a lamayo.