1. A lizzard, here, may be defined as any individual belonging to the group of women, named Elizabeth, who are known by their common nickname Lizz and who in some way or another resemble a real life lizard. A Lizzard King is the kind of man who serially dates Lizzards because he has terrible taste in women and none of his friends ever say anything to him about it.
2. In all likelihood, Lizard King probably just misspelled with two instead of one "Z''. He's still King of the Lizards, though.
John: Dude, she looks like a reptile.
Jerry: You mean Elizabeth?
John: Yea. She's a total Lizzard—oh shit it's Henry!
Notorious Lizzard King Henry: John, did you just say Lizzard!? Where? That way? Are you pointing that way? You are pointing that way? Ok, ok I'm going!
Lizard 1: Hsssss!
Lizard 2: Hsssss?
Lizards 1&2: Hsss-hsss!!
Lizzard King: That's right, bitchessssssss!