an acronym for the phrase "oh my life" begun by three very famous and beloved students which then branched out into the college community. It can be heard preceding and following any kind of circumstance or utterance, namely those of disappointing hilarity.
Katt: "Erin, where is the Velveeta?"
Erin: "It was Nick's turn to buy!"
Nick: "OML!!" *shakes head*
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