A combination of "LOL" and "Oh My God", used to exclaim when you hear/see/etc something extremely funny.
Lolmygod, did you see the comedy show last night?!
Acronym for "Laughing At Your Misfortune."
Used when someone tells you something bad (but not overly serious) happened to them and you want to laugh.
"On the way to my first class I tripped on the stairs in front of everyone!!" "How did you manage to do that?!?! LAYM!"