1) A sauce-like product created from too much laughter.
2) An overexaggerated version of 'lol', usually used by nubs or by people mocking nubs.
Subject A: "...And then he shat himself!"
Subject B: "Dude, I'm laughing so hard I made lawlsauce!"
Subject A: "...Ew?"
Gamer A (Nub): "Lawlsauce! That was great, we like owned his shiznit! Or whatever."
Gamer B: "Yeah...ok. Not really."
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