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1.
The moment when someone tries to do something they otherwise wouldn't do under the banner of YOLO, and fails miserably and the end result is hysterically funny to the person watching.
Jock 1: Hey Schneebly, if you can get with that chick from the cheerleading club, i'll join the chess club and tell everyone you're hung with a massive bear cock, shlonger than a horse

Nerd 1: One would hypothesise that the chances of that happening are little to zero. but oh well as they do say, 'You Only Live Once'

*Schneebly triumphantly fails and bears the embarrassment of a horrendous wet patch around the genitalia for the rest of the day. the excitement of it all also leaves a nasty amount of fresh knob cheese strewn all over his new boxers.

Jock 1: Dude! YOLOL
por h-doggy-dawgskies-1er sinclair 15 de Janeiro de 2013
 
2.
The laugh you make when someone who has said YOLO dies shortly thereafter.
"Gonna dive into this shallow water head first, wooo! YOLO!"

Did he died? He hasn't come up yet.

YOLOL!
por Beavis Christ Lives 16 de Setembro de 2012
 
3.
YOLOL is the acronym for:
You
Only
Laugh
Out
Loud

To be put into a simpler form YOLOL is basically the terminology placed upon a person who laughs a lot & might also say "YOLO" a lot.
Christine, "HAHAHAHAHHAHAAHHAHAHAHAHA YOLO HAHAHAHHAHAHAHA"
Jayson, "You only laugh out loud!"

Christine, "You mean YOLOL"
por pseudonym ailemA 18 de Abril de 2014
 
4.
an abbreviation for

Your
Only
Living
Once
Laugh

Used to describe laughter at epic moments
Guy 1: Hey dude, this guy just walked down the street with nothing but a tie on
Guy 2: yolol
por wheresmyface 28 de Fevereiro de 2012