This is a compound word, composed of acronyms FML (Fuck my life) and LOL (laugh out loud). This term is used to express the utter retardedness of
one's life, when not even FML
will suffice in conveying how terrible it is. This is to say,
one's life sucks so bad the only thing left to do is just to laugh hysterically at the pure ridiculousness and hopelessness of the situation.
College student cramming for final exams: Dude, it's already midnight and I have to write a 6 page
paper by tomorrow morning and I also have a test in orgo that I haven't even started
studying for, and I have to get at least an 80 to pass or my
parents are gonna cut me off! FMLOL