Maybe I should clarify my question. I see lots of LOLs that specifically reference a stolen bucket, even when no bucket is visible. It seems to be referencing something specific, but I don't get the reference.
Eeyore, go look up LOLcats on Wikipedia. There are lots of different standards for LOLspeak, and you will (maybe) get a clearer picture of the whole phenomenon if you read up on it a little. That picture of the walrus making the funny face while someone was taking the bucket away from him inspired a whole series of bucket (bukkit) LOLs.
I have teenagers so they could explain some things to me!