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1.
A hard-candy treat made entirely of giggles, usually enjoyed after a rousing victory in videogame competitions. Often served on a stick so as to avoid messy hands and a dirty keyboard. Popular at LAN parties in the upper Midwest.
"Dewd, eye tewtellee pweened this nub on WoW last nite! Eye think he repoarted me tew teh admin lolol."

"Yew r teh bestest nubkiller in Azeroth! Lawlipop!!1!1!"
by I don't play WoW August 14, 2006
 
2.
extreme amounts of laughter and great amusement, particularly occurs when LGs or stupid people are present.
J: I started biochem today. Is it bad that I had to look up what biochem was while I was in class?"
L: Hold on... let me just open my backpack and grab my LAWLIPOP.
by LOL - AH January 27, 2011