Basically you're 'laughing out loud', but then you remember you dropped your keys or the joke was actually a proposition.
Laugh
Out
Lou-FUCK!
Laugh
Out
Lou-FUCK!
by iwantyourbabies February 28, 2009

This is an expression used in place of 'lol' because saying lol is tacky. It stands for Laugh Out Loud Floor's Hairy Arse Rabbits Riding In Scooters.
by Imminent fate October 14, 2008
