Derived from Lawl, the act of a crowd bursting in a Lawlergasm.
(Everyone is laughing and 1 person steps up and says:)
"LAWLERCAUST!"
"This Lawlercaust really exterminated the lawlerees."
"You won't be laughing any time soon after the Lawlercaust, that is if you weren't put into a lawling camp and being lawled down by the lawlestapo with their lawlp40's. LAWL!"
When something so unbelievably funny makes a large number of people LAL at one individuals misfortune.
*Tony walks to the stage to obtain his diploma*
*Tony shits himself*
Billy - "HEY LOOK, TONY SHAT HIMSELF"
Dean - "What a lallacaust!"
*Audience howls with laughter*
Man: ... so i said to the waitor, get me out of this wet clothes and into a dry martini!
Jews: *flop*
Man: OH NO! all 6 million of my jewish friends just died! The lolacaust has started!