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When someone states something that would never happen, or when someone fails while doing something.
1)Chuck: Ooh, nice rock. When's the wedding?
Jasmine: That's a big LOL. I just bought it as a birthday present for myself.

2) Andrew: Don't touch my shoulder! I fell off my longboard while trying to show off to my brother and landed on it.
Ricky: That's a big LOL.
by RockSea May 13, 2009
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