to laugh at someone's failure, a combination of the acronym LOL (Laugh Out Loud) and fail, which is often used in forums (epic fail). In essence, its showing that you think that someones failure is humorous. They may decide to punch you.
by Chuck Belt March 10, 2008
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by melachi February 21, 2004
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Bob: "Dude, what's that in your jacket..dude, is that my wallet?"
Jeffery: "lolbail!"
Bob: "Dude, what's that in your jacket..dude, is that my wallet?"
Jeffery: "lolbail!"
by LachieTastic June 23, 2008
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by Jimmy980 January 24, 2010
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