that's an L

When someone does/says something so stupid.
Something that deserves an l.
When someone catches a loss/l.

Sarah: If satan and santa have the same letters, santa's satan, right?

Josh: (Shaking his head) Sarah, that's an L.

l l

The Universal symbol for PAUSE, as in no homo

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Poster: I like wen guys get sweaty during games

Mod:quoteI like wen guys get sweaty during games /quote

WTF!?

Poster: l l

L

L mean "loss" or "lose", depending on the context it is used in.

He just took that big L.

L>

"Looking for", commonly used on online games.

x0xCherryx0x: "L> pink sweatpants! 10-20$"

L

To lose, or to take a loss. The L comes from the word lose/ loss.

Me: Jermaine got beat up!
You: He took a L!

l..l

Two lower case l's separated by two periods. This is the symbol for Rock On! symbolizing the classic heavy metal "devil fingers" - index and pinky fingers raised whilst the ring and middle fingers are curled down.

Stan: Dude, I got four tickets to Ozzfest!!!!

Kyle: l..l !!!

L

Catching an L means catching a loss. In this sense, you catch an L if you say something stupid or, if you try to sound intelligent but are proved wrong.

1. Sarah says, "Has anyone ever noticed that "Santa" has the same letters as Satan? Isn't that weird? What are your thoughts?"
Cathy responds, "And Santa is also the word for Saint in many languages. And since the figure of Santa Claus is based off SAINT Nicholas, its not surprising. So nice try, but you failed."

In that case, Sarah caught an L because she tried to prove an invalid point.