A way to describe extreme amusment, perhaps at a folly or jest. Comes from 'lol' but has transcended its original acronym form.
Person 1: The other day, I was walking down the road, I saw, the famous comedian, Noel Fielding! I was so excited that I literally soiled myself!
Person 2: You know what? That is a funny situation...Veloliraptor!!!
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