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LME stands for the three stages of masturbation. The 1st stage which is L, stands for Lubricate. The 2nd stage M, for Masturbate and the Final stage E, for Ejaculate.
Bob: Hey Johnny. What you up to tonight bro?

Johnny: Nothing much man. I'm just gonna stay home and LME.

Bob: Legalize Marijuana Exchange?

Johnny: No silly. I'm gonna LUBRICATE my penis. Then i'll log on to Spankwire and MASTURBATE. When i feel i'm about to cum, i'll EJACULATE.
by SBR69 December 30, 2010
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