1. When a waffle is just that awesome.
2. A slang "leet" term used when you want to add intensity to any comment you have made, similar to adding 1's at the end of a string of exclamation points to add emphasis.
3. Oh My God Rolling On the Floor Laughing What A Fucking Loser
Dude, omgroflwafl, what the fuck just happened?
Last night I had a waffle and it was really good and I was like omgroflwafl.
Susan laughed at Bob for being a total loser, and if this took place online, she could type "omgroflwafl" to attain the same effect.