people who play lol (league of legends) all the time

The act of extreme masturbation. You must "knock one out" whilst in close proximity to any of the following; Your mum, a nun, your boss, a member of parliament, George Michael. A person with capabilities to act upon catching you mid self-abuse obvisouly ups the ante. Ejaculation must be reached before your danger wank target comes (no pun intended) to investigate. The higher the chances of being discovered with one's pants down, pulling one's war face is obviously where the danger comes from. The more danger involved the harder (or softer) it is to complete the task in hand (snigger). The more dangerous the better. The chance of being arrested, pummeled by an angry father or having your hand severed by an arab's sabre means that you are a pro "Danger wanker."

A moron who says or does something so excessively gay or stupid its not funny. Or is.
(Coined from Cyanide and Happiness)

Actually two words made into one compound word, it is basically saying "lol, fag". Usually meaning "Lol, you're a fag" or "Lol what a fag".

A person who uses “lol” during any sentence. Written or spoken.

lolfag stands for "lots of love for all gays". It's a friendly term to show how un-homophobic you are. It's mostly used when someone says something gay to show that you aren't judging them.