An expression said by one who finds an object, situation, or individual humorous. It can also be used at ones misfortune. Lol m8 is said as a replacement or in combination with a laugh.
*Picture a guy that has been tailgating you and break checking you for miles. He finally goes around you only to crash his car off of a cliff as a cop sees him do the whole thing* That is so lol m8.
Look at that clown he looks so lol m8.
It's lol m8 that I just picked up some weed.