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This has become an increasingly popular phrase (on the 'net, at least). It means 'laugh out loud,' and 'snap' at the end is used for expression.
you are all faggots lol snap.
by Bill April 23, 2005
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You're with friends and got something funny in your head, and you can't stop laughing out loud.
Mike: "Hey dude what you laughing at?"
Pete: "Oh I got lolsnaps from that girl accidentally walking into the men's room."
by PervyMike June 12, 2013
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1) The term used whilst laughing at someone who has just hurt themselves.

2) Used after you have immediatley said something mean to someone who has no comeback
1) Mitchy - watch this guy he is gonna axe himself
(guy falls of bike head first into sharp jaggered rocks)
Ronny - LOLSNAP

2) Jimmy - Hey fatso your a massive loser brain fat head
Fat Kid - ????
Jimmy - LOLSNAP
by Sarge McKoy January 14, 2008
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