Which stands for: Ludicrous Action/Fast-n-Free System
From the Introduction:
L.A.F.F.S. is a comedy RPG that borders on the absurd. Imagine a rag-tag band of bumbling elves rescuing a blonde, brain-dead hot babe of a princess from the castle of a fearful and flatulent tyrant. Maybe you'll want to rocket into the future with a spoof of your favorite sci-fi films-"May the spork be with you!" The setting and the story are up to the wildest imaginations of you and your friends. These rules for character generation and action resolution will merely help provide the laughs.