Another term derived from "LOL", or "Laugh Out Loud". This is a mashup between Lol, and lullabye. Typically, when somebody says a lollabai, the audience laughs so hard that they run out of breath and consequentially pass out.
Lulz of this magnitude can be rare, but not to be mistaken for the Lolz of Jericho (See Lolz of Jericho).
Ruler of Lake Titicaca. Rumored to have a bunghole that gets very angry if it does not receive toilet paper. Cornholio the Great is often seen walking around with his shirt over his head and his hands in the air, chanting songs about his power, and his bunghole.
"I am Cornholio! You do not want to face the wrath of my bunghole, for I need TP!"
Butthead: Shut up, Beavis! (uh huh huh huh)
Beavis: Um, okay. (heh heh heh heh).