An inaccurate variant spelling of "lolocaust," circulated particularly among the semi-literate and those who clearly haven't read much about the Second World War.
That someone took the time to submit a separate entry on 'lolocost' when the more obvious definition is just above it in the Urban Dictionary—it's enough to precipitate the lolocalypse.
One who casts forth lulz;
instrument of/or guitarist who fails so epically that one cannot help but laugh. (combination of lol and -caster, suffix to many Fender guitars)
unbelievably ugly guitar
Damn Rick stop being an lolocaster! I just pissed my pants!