A somewhat tasteless portmanteau of the internet abbreviation lol and the Holocaust. Used either as an indication of extreme hilarity, or, alternatively, a sardonic rejoinder to a failed attempt at levity. An animated .gif file showing ASCII men and women being gassed has emerged on the Internets.
"So then, he's just about to finish me, and he gets team-killed by a nüb with a Deagle!"
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