1. Something that is very large, awe inspiring, outstanding, or particularly remarkable. (Uncommon in modern usage, as most occurrences of the term are refer to the name of an annual musical festival.) We're looking to throw a lollapalooza of a party next weekend. This lawsuit is set to be a lollapalooza, one of the largest this country has ever seen. The meteorologist warned that the developing storm could become a devastating lollapalooza.

2. In poker, a fake hand of five specific cards chosen randomly at the beginning of a night's play that is supposedly allowed to trump any other hand on that night alone. So the story goes, the old cowboys thwarted the card sharp's Royal Flush by all declaring that their comrade's hand was a lollapalooza, which wins by default.