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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
Meaning "What?", but usually said to mean comedic indifference to whatever was said. Also, if you don't care what was being said. Useful if you are in a place you shouldn't be.

Prounounced as "lawl wut", with no pause between words.
Person 1: Get out before I call the police
Person 2: lolwut?
lolwut by -Tacgnol- December 28, 2008

lolwut!? 

Term used in forums (generally gaming forums) to reply in one word to a post that either is far off topic, makes no sense at all, or is just plain stupid. The side effect of this is that the thread remains off-topic.
Poster-A
OP (post 1): Hi, I was wondering how many times can I cast a spell before I need to build my mana back up?

Poster-B
Post 2: my balls hurt, noob.

Poster-C
Post 3: lolwut!?

Poster-A
Post 4: I hate you people! Whhaaaaaaa...
lolwut!? by Wickedsick Smitty March 30, 2009
when someone is so confused in a situation they find it funny.
*boy girl talking on facebook

boy - hey
girl - i like you
girl - NO I DONT
girl - YES YOU DO!
boy - lolwut?
lolwut? by 12 inch October 30, 2010
expressing laughter and disbelief or confusion at the same time
person one: i just ate a rotten peach.

person two: lolwhut?
lolwhut by megaphonium January 12, 2010
Meaning: "What?" in a more comedic way.
The term could be used in several different ways.
Such as when you don't understand something or when somebody says something extremely random.
Person 1: I had a seizure yesterday.
Person 2: lolwut?