1. An acronym (or acrobat?) denoting: Rolling on the floor, pissing myself, laughing my fucking ass off, out loud.

2. Also, when read phonetically, it means: of, or pertaining to sequential consonants.
EXAMPLE 1:

Person 1: Did you know that the "t" in "the" is not silent?

Person 2: Go fuck yourself.

Person 1: Or that "myself" is actually one word?

Person 2: Stop using air-quotes, you tool.

Person 1: I believe that sentence needed "air-quotes around "air-quotes."

*Person 2 kills Person 1*

Person 3: Rotfpmlmfaool. He Dead.

EXAMPLE 2:

The first set of rotfpmlmfaool in the word "object," spells something at which your mother is adept.
by Brecord December 1, 2011
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