Almost always used with the word Roflwaffles, basically its this random word you can add in when something funny happens just to add to the moment or kill the moment. A word developed while playing fps games..
Can be used at any time.
even screaming it out in public (mainly a car) ROFLWAFFLES WITH LOLERSAUCE
Nickname given to bales of marijuana thrown overboard or out of airplanes. Origin is reportedly from members of the US Coast Guard in the area of Southern Florida.
"Base we've got some square groupers floating outside of Miami harbor."