A fork of Rural Dictionary
Laughing uncontrollably, succumbing to a 'lolgasm'.
The climaxing point of an enourmous laugh when you have to gasp for air in order to just say the word 'lolgasm' and then subsequently retreat into hysteria again.
Person 1: 'I'm not gay'
Person 2: 'Tell that to your bum hole'...'lolgasm!'