Usually an exclamation, used when noticing someone wearing funny clothes. The funnier the clothes, the more emphasis placed on the word.
Taken from 'lol', a common abbreviation for 'laugh out
loud', and the word slacks, which is used in this case in reference to the clothing. Can be used as a noun.
Occasionally, the word is broken down and either 'lol' or 'slacks' can be edited by the
user if need be.