Based off horrible and lol, this describes something that is horrible in context, but also hilarious. Most used in response to a racist or otherwise inflammatory joke.
Bob: *Insert joke about Jews, African Americans, Priests, and/or homosexuals*
Jim: *Laughter* That's lollerble!
Jim: *Laughter* That's lollerble!
by UrzaMTG May 26, 2006
Get the lollerblemug.