Any word that is composed of acronyms dealing with laughter, that sounds like a real word. For example, roflcopter, loller skates, and lmaonayse
"Lmaonayse is my favorite lolphemism"
(adj.) Something that is imaginary or doesnt actually exist.
"Have you tried Blue Raspberry Jolly Rancher?"
"Yeah, I've tried Narnian Raspberry a few times"