1.- The bombarding of one person in a three way conversation with LOL, often occurs in a chat room
2.- When a group of friends LOLs together in a chat room
3.- When a nerd, geek, freak or loser has sex of any kind, (short for Loser On Line Bang)
Dude1: U sux, lol.
Dude3: He's right, lol.
Gurl: WTF?! Ah, lol!
Nerd: I'm gonna get laid 2nit!!! Yez, Ima smexy!
Dude: UR not smexy, and your gonna get LOL Banged!
A verb used to ruin the beautiful act of lovemaking. May also be used in an affectionate way, such as when someone is actually trying to tell you that they love you and that you are the best lay they have ever had.
"Can I lolbang you?"
"Sure hun, after I ram my fist up your arse."
(giggles from both parties)