Person A: I'm up to my neck with work; I have a 3000 word essay, lab report, a math exam and Detention tomorrow
Person B: LAYF

When someone does something silly which is funny you say 'LAYF'. Pronounced as it is spelt.

"Boo!!!!"
"AAhhhhh"
"Layf!"

"Like My Dp?"
"Layf!"

IM CONVERSATION

Person A: I just fell into a swimming pool with my brand new iPhone 3G S

Person B: That stinks but still layf.