A sort of portmanteau using the acronym “lol” (laughing out loud) and coleslaw.
Usually served with a generous portion of omgwtfbbq.
Found initially as an entry in the T9 predictive text word completion function on a Verizon Wireless LG VX8500. Though, it has been observed on other phones. No one is entirely sure what causes this entry- as it has not been spelled out previously.