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1.
The time after a joke is told after which people will think you slow if you laugh.
Alice says something funny.
Much time passes.
Bob: haha
Charlie: lol timeout
by qwandor May 26, 2008
10 7
 
2.
A timeout that one takes to browse for humorous videos/images/jokes.

Preferably during work or school hours.
I just took an lol timeout during that crazy project.

I took an lol timeout during that boring ass lecture.
by gdubc February 04, 2010
1 2