Omglol is taking from the 2 contraction:
omg (oh my god)
lol (laughing out loud)

Omglol is used if you think something is more funny than just lol or omg
Person1: I just saw a female orc dancing
Person2: OMGLOL
by DasNico November 05, 2007
The lowest level of horriblility ever. (used as an object)
That was as bad as an OMG LOL.
by YAY November 17, 2003

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