Danny: Dude...I got with Pam last night
Eric: PAM? You mean 250 pound saggy double D Pam?
Danny: ...Yeah man...I was too drunk dude Eric: I bet she loved it man
Danny: Dude, I was showering like a rape victim this morning.
Eric: LOL
Short-hand for the word floccinaucinihilipilification, meaning the estimation of something as valueless (encountered mainly as an example of one of the longest words in the English language).