An extended version of the acronym L.O.L. which expresses extreme laughter and appreciation of humor. This expression is usually only used on the internet, and is not intended for normal real conversation. Any person that uses such term in real conversation may subsequently be labeled as an asshole.
CyberFriend: Dude i just found some pix of Tom's grandma boarding a shortbus on 4chan!!!!
whilst drinkin yellow gatorade, you see huge crit, thus fore laughing uncontrolably and spitting gatorade on computer screen
So i was in arathi basin and i was guarding farm alone, cuz i'm leet like that and this mage was running up and i was like lawl total n00b so i saped him quick and ambushed him for like 46k crit! I lolerade all over the computer
To laugh when watching porn or some other form of stimulation with right (or left) hand on your penis, rubbing vigorously in an attempt to climax your pleasure all over your computer/bitch/cousin/dog.
Dude: How was that porn I lent you?
You: The acting sucked so bad I lolsterbated.