lollery
1. lollery

This term is used to describe an event
or situation that causes a large number of 
people of laugh out loudly.
Tommy Copper would cause a lollery at his events, for example.  Although the word was not invented then.

When using the expression one might say,
"Its a lollery!".

A person described an event in an IRC
chat room that was funny, many people
replied with "LOL", one could then
proclaim, "Its a lollery".