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2.
A measurement of how funny something is out of 10, 1 being not funny at all and 10 being very funny.

Alex tried to kick a bottle and fell on his ass. That had a lolfactor of 9.
by Parsi February 13, 2007
 
1.
a number given to an actvity or saying that rates it's hilarity. Usually between the numers 0-10
That scores a rating of 5 on the the LOL factor
by Rye Langton March 25, 2008