You've pretty much got it right Cutie...a "lavalier" is a charm or pendant worn on a necklace that has a GLO letters' on it.  
There are actually two types -- sorority lavaliers and fraternity lavaliers.  
Sorority lavaliers are usually round pendants with a girl's own sorority letters engraved in it, and are usually given to girls by their Big Sisters after initiation. 
Fraternity lavaliers, on the other hand, are usually charms that have a fraternity's letters arranged in a drop formation (vertical), or have the fraternity letters in a diagonal drop surrounded by a heart. In the case of fraternity lavaliers, a guy gives one to his girlfriend -- a process which is referred to as lavaliering, or "dropping" (due to the "drop" formation the letters are arranged on the pendant).
		 
		
		
		
		
		
		
		
		
	
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