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When participating in internet activities such as games or chat and your internet connection suddenly lags very badly for a brief amount of time. The spike part comes from how sudden the lag is and how high it gets in such a short time.
"I had a huge killing spree going in UT until I got hit with some major lag spike and some fucking noob fragged me."

"Lag spike fucking sucks!"
by IceWarm July 23, 2004
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2
A term used to cover up poor performance of a player in a multiplayer game. The term describes the delay in the thought process of the player and his inability to perform as the rest of the group would expect from a player with their claimed experience and gear.
"Sorry for wiping the group, I'm getting major lag spikes."

(Player realises they messed up and are at risk of being kicked from a party): "Sorry for stepping on that bomb, I'm getting major lag spikes."

Team member: "FFS kick the noob paladin, they've done less dps than both tanks for the last five wipes and they've stood in the fire every time!"
Paladin: "Sorry. I've been getting lag spikes all evening."
by Spanky Deluxe January 07, 2015
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