A kick ass way to say LOL. If you say lolza you are the (wo)man. Generally said when something is wicked funny/fucked up. Saying lolza will most definitely up your cool/weirdo factor.
There are other variations such as lolz@, l0lza, l0lz@, LOLZA, etc.
Caitlin: Last night I drew pictures of sperm
and egg all over my bio binder.
Caitlin: I banged your mom last night.