Lolord is a noun describing an entire species of "words" such as LMK, YOLO, and LOL. A lolord is an evolutionary descendant of an acronym in which the periods have become at most vestigial. Lolord is a portmanteau, a combination of LOL and word.
Hah! YOLO! Don't resort to that hackneyed old lolord. Why don't you learn a new lolord? Right now you only deserve a FYC, the new lolord that Nancy invented in February.
Another form of the internet term, lol. It's often used to poke fun at people who lack any proper grammar skills, or are just downright retarded. Can also be used when someone makes a really lame joke.