An inaccurate variant spelling of "lolocaust," circulated particularly among the semi-literate and those who clearly haven't read much about the Second World War.
That someone took the time to submit a separate entry on 'lolocost' when the more obvious definition is just above it in the Urban Dictionary—it's enough to precipitate the lolocalypse.
One who casts forth lulz;
instrument of/or guitarist who fails so epically that one cannot help but laugh. (combination of lol and -caster, suffix to many Fender guitars)
unbelievably ugly guitar
Damn Rickstop being an lolocaster! I just pissed my pants!
That kid screwing up Smoke on the Water defenitely is using an lolocaster.
Man, check out that lolocaster! It's got Hello Kitty on it!
Pajama casual is a term used when working from home and preparing for a video conference. All business above the waist and your pajama pants down below.