lolcrab 

lol (or laughing out loud) + crab (an aquatic crustacean).

Person 1: Did you study for that test?
Person 2: lolcrab, no.

lolcrab by Neir March 25, 2007

lolcrap 

The act of laughing out loud at one's own stupidity.

Lolcrap. I just sold my max rank gear on WoW. I'm so silly. Ha Ha Ha.

lolcrap by dubweasel November 10, 2010