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Any word that is composed of acronyms dealing with laughter, that sounds like a real word. For example, roflcopter, loller skates, and lmaonayse
"Lmaonayse is my favorite lolphemism"

"lolkay"
by Greatxander February 25, 2008
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Oct 31 Word of the Day
1. acronym for Laugh Out Loud + sob -- an expression for something that makes you lol and cry at the same time.

2. acronym for Laugh Out Loud, Son of a Bitch. An expression of bitter anger over something funny.
That fatal clown car accident made me lolsob-- clown cars are funny but my best friend was driving.
by duenna9 October 12, 2009
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2
The usage a chat acronym (LOL, ROFL) or a smiley to make an otherwise offensive or hurtful statement sound less severe.
Scenario 1

Jake: dude, your girlfriend sarah is such a bitch

Alex: gtfo faggot

Scenario 2

Jake: lol your girlfriend is such a bitch :D

Alex: haha, im glad i have supportive friends like you lol

(Scenario 2 is an example of the usage of a lolphemism to convey the subtle message that sarah is a bitch, while making the user 2 believe that user 1 is using sarcasm)
by cerealmage2188 October 05, 2009
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