hahah OK here goes, the short sweet version.
Lomography is film based photography that uses physical defects/limitations in a camera for artistic value.If I want to simulate the effects of a lomo camera using my DSLR I need to use photoshop. Photos taken with a lomo camera have high contrast, twisted colors, and a noticeable vignette. Because Lomo photos have a strong and noticeable vignette. I have to start off by adding a strong vignette to the photo! And continue from there..There are hundreds (not literally) of different cameras that are classed as Lomo cameras, some have multiple lenses, others have fish eye lenses etc. – which give you the illusion of looking through the view finder of a door. Lomography is more fun as you never know how your image will come out until they are produced. Lomo cameras are sometimes referred to as toy cameras - which they are not.

This is from Wikipedia. Lomography is the commercial trademark of Lomographische AG, Austria for products and services related to photography. The name is inspired by the former state-run optics manufacturer LOMO PLC of Saint Petersburg, Russia. LOMO PLC created and produced the 35 mm LOMO LC-A Compact Automat camera — which became the centerpiece of Lomography's marketing and sales activities. This camera was loosely based upon the Cosina CX-1 and introduced in the early 1980s.
I hope this explains it. :)