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A variation on the common acronym "lol" that emphasizes extreme lol'ing. The word was entirely made-up on internet discussion boards, specifically a BMW board in the Off-Topic section. Though a much lesser-known e-word, its existence is known in small circles.
I am gonna post up a pwnt pic that will make you fuckin' lollerbagel.

Oh snap, your tooly myspace makes me lollerbagel.
by DJ Willis November 28, 2006
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