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A fake, frivolous lawsuit that is so ridiculous or baseless, you can't help but laugh. Often used to refer to the threat of such a lawsuit.
Zephyr tried to file a lolsuit against me just because I said he didn't know how to use a bar of soap.
Related Words

lolspeek 

An intentional misspelling of the word "lolspeak". Which is quite ironic, as lolspeak is wholly based on intentional misspelling.
Duz yew know hao tew speek da lolspeek?
lolspeek by ThaBigCheesy February 27, 2010
An extremely complicated language that is often mistaken for textspeak. It is mainly used for Kitteh pictures, but people don't realize that there's a huge organization running lolspeak. There is even a bible translation project going on where they will translate the entire bible into lolspeak. Ceiling Cat is the god behind this language. It's not as easy as you think, trust me.
Ceiling Cat blessinz apwn yu, srsly.
Ceiling Cat blessings apawn you, seriously.

Dat wood bee awsoem, srsly dued!
That would be awesome, seriously dude!

eyc cowld leminaed foar sael!
ice cold lemonade for sale!

eksampelz pwn yu, srsly.
examples pwn you, seriously.

lolspeak iz difehcualt too lern, an yu noe itt.
lolspeak is difficult to learn, and you know it.
LolSpeak by BoredDude2 April 25, 2010

lolsipops 

The most awesome way of expressing that you are laughing out loud. It can also be referred to as a lollipop that makes you laugh out loud.
James: *joke*
Claire: LOLSIPOPS. XD

James: Here have a lolsipop.
Claire: Lmao. That's brilliant.
lolsipops by IAmTheSuperman January 16, 2010
This word comes from the word awsum which is a more 1337 way of writing awesome. In essense, lolsum is a more 1337 version of awsum.
Example: d00d i iz so lolsum.
lolsum by krizalllid November 4, 2009
I rode across San Francisco today. LOLSPLAT at every other intersection. Please, take me back to Oakland where people have better excuses for wandering into traffic.
LOLSPLAT by langstraad March 9, 2011