To do very badly at life. It is much worse than just sucking. You should most likely kill yourself if you fail at life. It is your best option.
Person1: I have a myspace! Oh my god! I posted a pic of me looking in a random direction and I have a lot of E-Friends!
Person2: You fail at life.
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Another form of "lol," "lmao," etc.
Bob: *tells funny joke*
Fred: lamalamalamalamalama
As you can see, Fred found the joke funny. So he lama'd.
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