A term originated on the website Borispoker dot com, referring to a member of the site known as "Solomon" who inadvertently had a photograph of himself posted on the forums, and was subsequently made the primary subject of a vast body of Photoshops featuring his face and figure in various settings, ranging from historical to whimsy.
1) a huge failure
2) a mistake that will likely result in an FML story
Person 1: Man i was sitting on the subway asleep. i woke up just as the door was closing and ran for it. I got stuck and they had to stop the subway. FML
When the reason behind your laughter is a mystery...
This may lead to the conception of Lolomancy being another school in magic that deals with everything lol and rofl.
Basically, granting its practitioners, the Lolomancers, a huge arsenal of spells from roflblasting a person to conjuring lolocausts, lollercoasters or entities like lollerfish, lollypants, roflcoptermobile, roflsaurus, roflberry pwncakes, ...