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It is the same as lo3:

An abbreviation for the words Live On Three, which is said during cyberathletic matches, or scrimmages, between to qualifying teams. When lo3 is said a CAL(Cyberathleric Amatuer League) configuration file is executed which restarts 3 times consecutivly, then the scrimmage is considered Live

But it has the exception that the command sv_cheats 1 in to the configuration file which will let you turn on cheats.
In lol3 you can give you're self items, you can noclip, and you can give your self 16k!
by Fried_fry August 25, 2006
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