A name for an educational facility that's more of a fun, dreamy place. A way of depicting a school as diverging from the usual connotation of a drab and depressing place.
An Instant Messaging term made up of two phrases, 'school' and 'lol.'
The word 'schoolol' is the answer you give on MSN or AIM when someone knows full well you've been to school yet will still ask you 'wubu2?'
Jonothan: Hi Steph, wubu2?
Stephanie: Schoolol! Idiot!
Stephanie: wtf u stoopid idiot, u jus walked me home?
Jonothan: Yeah I know but like...
Jonothan: You want some mineral water?
Stephanie: Yeah, plz!