LCM is an acronym standing for Latex Cow-Man, a reference to Nevster's appearance at the 1999 Folsom Street Fair. Nevster, whose trademark channel greeting is "moo" (hence the cow reference), had on a black latex shirt, a leather dog-collar, black leather jeans, and a full-length black leather trenchcoat. Anyone who attended 1999's Folsom Street Fair will recall that, as typical, it was hot out. Very hot. And if you were dressed like Nevster was dressed....swelteringly hot.
A latex shirt, of course, does not breathe. On a hot day, perspiration will collect inside the shirt (which is sometimes precisely why some people wear it -- you know who you are!) because it has no place to go. Nevster's latex shirt, however, had a small pinhole in it, right at stomach level. Whether this was intentional or accidental I'll never know. Nevster took great delight in showing anyone who would watch (and even some who'd rather have not) how he could expel the accumulated perspiration by squirting it through the pinhole. Both Decay- and I were witnesses to this -- I had the (mis?)fortune to see it twice because I ran into Nevster again later in the day and I guess he forgot he'd already shown me.
This became known on the channel as the *moo-squirt*, a term christened by Nutation and Decay-. In time, the term was applied to anything witnessed at Folsom Street Fair (or the like) that made one queasy; and ultimately to anything kinda gross, particularly if it involved bodily fluids.