LOLballing 

v. to metaphorically throw a joke, usually a hypothetical situation, at a friend, subsequently inducing laughing.

Remember when i was LOLballing the idea of us screwing?

LOLballing by thesupremeapple December 4, 2011

lolbating 

To use the letters LOL for sexual stimulation.

lolololololololol *lolbating*
lol

lolbating by Qwerty Joe December 20, 2005

lamballing

synonym for chilling, having a relaxed and lounge-like time alone, or with friends.
to lamball, lamballen

"Do you have to go to work today?"
"Nah man, I am going to lamball all day. Lamballing is my primary objective."

lamballing by QuentinTaranTimo October 13, 2013

loballin' 

Deliberately offering to buy an item for far less than it's worth to take advantage of some poor desperate, out-of-work, soon-to-be-homeless sucker's bad luck. The item will then be resold to finance this person's worthless lifestyle.

"C'mon, I aint loballin'. That old Corvette needs new tires & stuff, so I'll give you a generous $1200."

loballin' by wahip September 5, 2011