What is Lolcock?
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A LOLcock is a laugh-out-loud worthy penis; it can be judged so based on it's size (diminutive or outsized), its appearance (most any tattoo would count) the hilarious predicament it's been placed in (with a hat, perhaps).
Dude, that bib totally makes your junk a LOLcock.
See
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Disappeared. Vanished. Gone. Lost.
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A phrase which makes people laugh.
Priya: You're awesome!
Danielle: HAHAHAHA
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Wearing special-shark-proof-Bat-long-underwear while using the giant-Bat-magnet to touch young wards inappropriately.
A more elaborate ..