One who casts forth lulz;
instrument of/or guitarist who fails so epically that one cannot help but laugh. (combination of lol and -caster, suffix to many Fender guitars)
unbelievably ugly guitar
Damn Rick stop being an lolocaster! I just pissed my pants!
That kid screwing up Smoke on the Water defenitely is using an lolocaster.
Man, check out that lolocaster! It's got Hello Kitty on it!