Lolzo is equivalent to cry over spilt milk which i something you laughed about and regret doing so. Lolzo stands for Laugh Over Liquified zesty Oathmeal.
"Shaun really shouldn't have laughed at lisa as the same thing happened to him today..karma is a bi***"
'Well he definetley Lolzo"
Sarcastic; satirical way of taking the mick out of someone ((by adding it into your sentence)) who uses copious amounts of text talk and or who says frighteningly obvious things esp. on messageboards/chatrooms/msn. See ZOMG
gr8m872: OMFG!!!!! me n mi m8s wr at the cncrt lzt nite nd it ttlly r0cked. Wt a mint - brb!!! <3
Random person: ZOMFG!!!!!!1111oneoneoneeleven U went 2 c da show???? lolly lolzars BBQ!!
gr8m872: Stfu l0ser
Random person: O rly?