Definitions by Tom Hart

lolocaust 

A lol to the extent that 6 million people die.
or
An exagerated sarcastic lol to let someone know you don't really care what the fuck they're talking about.

Greg:(insert funny phrase or anecdote)
Jenny: Lolocaust!
or
Greg: So we went to go pick up the motor for the boat today and...
Jenny: Lolocaust!
Greg:...

lolocaust by Tom Hart December 31, 2008