A nickname for an amazingly beautiful girl prophecied since the days of old to be the most attractive person to ever be born. So far, the only reported sighting of this mystical beauty happened in Southern California during early 2010. The discoverer claimed to have found the prophecy-fulfilling individual and has announced plans to take her for himself. Countless men have heard this tale and grieved their own loss, but, according to the supposed discoverer, nothing shall ever come between them.
Guy #2: "Sorry man, I doubt it. I heard Lolee has already been found by some lucky guy."
Guy #1: "Then how come this girl seemed so perfect?"
Guy #2: "Because the real Lolee, unlike this girl, doesn't just seem perfect. She IS perfect. You'll soon find that no girl, not even the one you just met, can even compare to Lolee."
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.