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1.)When the lag in a game is so bad that it isn't worth playing.

2.)When your computer's connection speed is worse than that of dial-up.
Steve: Man last night I was playing Halo 3 and my connection had a laggasm and I appeared on the other side of the map.

Carl: That's nothing my connection was having such a laggasm that I couldn't even load google for 20 minutes.
by CrunkMagnum August 05, 2009
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