A combination of the word LMAO (meaning laughing my ass off) and ROFL (rolling on floor laughing) to create a super word (LMAOROFL) which you use when you are laughing your ass off while rolling on the floor.
Acronym for: "laugh my ass off, rolling on the floor laughing so hard that I peed my pants a little. Not that much, but enough to feel and remember I ate asparagus last night"
Person A: Why does pinocchiolie?
Person B: Why?
Person A: Because he's a fucking liar.