Pronounced "Lah-May", it means a deep feeling of respect and admiration for a close friend. Essentially it combines friendship with love.

Someone people turn to when they're sad who makes them feel better.

Expression used after telling a lame (questionable in degree of hilarity) joke, to express the idea that one does not care that:
i) People did not find it funny
ii) The teller agrees it is a lame joke