A kick ass way to say LOL. If you say lolza you are the (wo)man. Generally said when something is wicked funny/fucked up. Saying lolza will most definitely up your cool/weirdo factor.
There are other variations such as lolz@, l0lza, l0lz@, LOLZA, etc.
Example 1)
Caitlin: Last night I drew pictures of sperm and egg all over my bio binder.
Jessica: LOLZA!
Example 2)
Caitlin: I banged your mom last night.
Jessica: LOLZA!
A term that I randomly made while playing an online game. However, it is understood to be "Lol"+"za" where the "za" emphasizes a saucy style to it. Think of it as an extra emphasis for lol.
Arzei: Some people are like Slinkies . . . not really good for anything, but you still can't help but smile when you see one tumble down the stairs.
Arzei: LOLZA!