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1.
Balls that are loled, or the state of having one's balls loled after a funny joke.
OMG! LOLBALLZ!!! *falls onto the floor laughing*
by «F»Voyager September 15, 2009
 
2.
The smell of Dries. Lolballz don't smell very good.
Dries smells like Lolballz
by Lol ball December 17, 2007