Loitering around, usually late at night, doing nothing productive but looking at funny things on the internet and giggling with friends over inside jokes. Usually involves a lot of webcomic-browsing, lolcat-perusing, and overuse of YouTube.
Maybe if you weren't so busy lollergagging for hours on end, you would've gotten your homework done on time!
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A lollergag is when someone goes "lol" and someone else who has passed 2nd grade english chokes the "loller" to death.
lollerchic691991: dude LOL
lollerchic691991: tats hat LOL
lollerchic691991: secks kekekekek LOL
bloodninja grabs lollerchic by the throat and lollergags her to death.
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