Lolly water refers to alcoholic beverages, specifacly the type young women prefer to drink. Usually a fruity flavoured pre-mixed vodka concoction. Lolly water, so sweet you can barely taste the alcohol content.

The word used in some parts of Australia for a sweetened carbonated beverage.

I prefer to use the word 'pop'. It's short, sweet, and all encompassing: soda only refers to Cream Soda, Club Soda, or Jones Soda, all of which fit under the umbrella of pop.