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Stands for "Lot's of losses". It is the ultimate "L". Used when you can't come back from a situation.

Examples include: bringing warm beer to a tailgate, acting like a clown in public, messing up big time, or , the ultimate version of being roasted and toasted in a situation.
- I forgot to bring my wallet and my date had to pay for our meal.
- Go ahead and take a Lol "Lot's of losses"

-I forgot we had our final exam today
- Go ahead and take a Lol "Lot of losses"
by dollahbillphil September 30, 2019
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