"Lolwat", meaning; "Lol, what?" Is a quite popular internet slang use. It could also be used when someone says something hella gay, and you respond with, "Lolwat".
Guy: "Ligma balls"
You: "Lolwat"
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Alpherino, the almighty leady boi of the Big Boy Cult (BBC)
;)
Guys! Look! It's the mighty Alpherino! Bow down!