Inspired by Hot or Not. Basically, you put a quote that consider funny, the person who said it, and, if applicable, the place it's from. The next post states if it's lol or not, and posts another quote, and so on. I'll get it started:

lol or not:
Maes Hughes: Oh, I'm sorry! you're the FullMetal Alchemist? I had ^No idea you be so...
Edward Elric:*glares* Go on, say small. I dare you.
(FullMetal Alchemist)