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1.
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.
"That young girl was so drunk from that lolly water!"
by jert* August 09, 2007
 
2.
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.
Lolly water is probably the least used word for these drinks unless there is one that I am missing.

Carbonated Beverage
Soft Drink
Fizzy Drink
Cola
Soda Water
Sodapop
Soda
Pollypop
Pop
Coke (AHHHH! GOD NO!)
Bubbla
Tonic

And of course LOLLY WATER!
by Urban HitchHiker February 10, 2006