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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).
DDR: It's not Monday...FUCK YEAH!

Rhiannon: OMGWTFBBQ! (Laughing hysterically) BUFFALO BUFFALO BUFFALO BUFFALO BUFFALO BUFFALO BUFFALO BUFFALO!
(falls victim to DDR's Lollabai).
Lollabai by Mr. Dervish January 13, 2009
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Lollabae 

Finding a hottie just to go to Lollapalooza with you; your festival crush and mainly for the gram
Max is so dreamy and he loves the Red Hot Chilli Peppers, should he be my lollabae?
Lollabae by Laur97 July 25, 2018
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