Shortened version of Lolita or lolicon which is Japanese anime/art depicting most often a young girl or preteen. The word lolicon is the synergy of 'Lolita' (see also, book by Nabakov) and the psychological word 'Complex.' <Alternative: Could be a play on the word lollipop...>

Lolli: slang; The quality of being translucent, usually jelly-like in appearance and and pink or peachy pink. can be applied to any part of the body that one considers attractive.

Same as penis, cock, dick.
Used to be kinky.

After using lol (laugh out loud) for a while, some may choose to expand this abreiveation. It is extremely annoying and you hate whoever said it.

Australian, n, sweets; candy; confectionery;

A grass.

Someone who sings like Sinatra when arrested.

Australian version of candy.
Therefore also used to mean an ecstacy tablet (which is sometimes called candy).