To laugh so hard that you wizz in your pants; a combination of laughing and wizzing. Taken from an episode of 30 Rock.
"That episode was so funny I was lizzed all night."
To be extremely wasted, and make out with random guys, as well as pee in inappropriate places
Boy 1: oh my god did you see that girl pee in the shower last night??
Boy 2: yeah she was totally lizzed