Usually an
exclamation, used when noticing someone wearing funny clothes. The funnier the clothes, the more emphasis placed on the word. Taken from 'lol', a common
abbreviation for 'laugh out loud', and the word slacks, which is used in this case in reference to the clothing. Can be used as a noun.
Occasionally, the word is
broken down and either 'lol' or 'slacks' can be edited by the user if need be.