The combination of the word lol and fucks to form the compound word lollerfux. Often used to describe types of pwnage such as in videogames, most commonly World of Warcraft. Usually used to express joy in the act of pwning, not anger in being pwned.
when two gay guys slap each others left testicle, followed by extreme licking of the adams apple,then swift sticking of the big toe into their right nostril, and then making PB and J sandwiches
Jackie Boy and Kenzie Boy lollyfucked last night, and I wasn't even there to watch!