I can almost hear my sons going “Butt Mo-o-o-om that’s been around for aaaagez!” They be referring to ICanHasCheezburger.com which actually has been around for the past couple of years. Simply put, Lolcats is a combination of a cute cat picture with a caption—usually huge—done in misspelled English. (This has also been expanded to include a walrus—a lolrus, get it?—and a bukkit (bucket)). While there be other places where you can get a kitty-up ICanHasCheezBurger.com actually lets you make your own Lolcats with your own captions, good enough for putting in picture frames.
Whatzit good for? A laugh. Maybe two laughs. Lotta laughs if your sense of humor is anything like mine and my sons’.