Other things in FFXI that players concider a joke, or weak can be said with "lol" as the prefix. loldrg was most likely the first common FFXI "lol" prefixed words.
lolpup, used in mention of the Pupeteer job, becasue of their low job reputation among the general FFXI community.
lolgenbu, used in mention of Genbu, weakest of the "Sky Gods" and most players concider him a joke.
Player 2: I'm interested!
Player 1: What job are you?
Player 2: Dragoon.
Player 1: loldrg!
Player 1: I just got killed in ballista by a Dragoon!
Player 2: loldrg!
SuperDuperDragoon: i was wondering if anyone had sky open and wanted to join our party?