coolol Share definition Flag When you're saying cool and lol at the same time, it's easier to shorten it to coolol. Plus, it sounds a lot cooler. Carlie: I just saw a Neopets commercial! Eric: Coolol! coolol by mryellowbunbun March 28, 2009 0 0 Get merch Get the coolol mug. Buy Now — $32.95 See more merch