Facting is a verb used to describe someone who's speaking facts.
Person A: Honestly, Emily's hair is so ugly.
Person B: Omg you're facting right now
"LAMP" means laughing at my problems.
Example 1:
Person A: *makes a joke about something bad that happened to them* hahaha, I'm lamping right now
Example 2:
Person A&B *makes jokes about their sad past* yo not at us lamping right now