LSB Virtual Sprints are usually held on Fridays
A sprint is a working session where several people gather together to work intensively to knock off issues which need solving; a virtual sprint is where they are not physically in the same place but use some other communication method.
LSB Virtual Sprints are held each Friday to work on the list of open bugs; participants gather on IRC at  and work through issues that require discussion in order to solve. If necessary, the phone bridge used for LSB conference calls can also be brought up. Any topic that has an entry in the LSB bugzilla is fair game - if you want a topic to be worked on this way, make sure it's entered in the LSB Bugzilla first. Some Sprint days may have a particular theme; if so this will be announced in advance and we'll try to remember to put it in the channel welcome message.
Bug triage is definitely a part of the work: in this situation, participants categorize bugs and decide on priorities and owners.
You don't need to have previous experience with LSB internals to participate; in fact bug days offer a good opportunity to learn the basics by asking questions and working on relatively simple bugs. Fresh eyes on topics sometimes bring clarity of vision that the battle-scarred veterans are missing.
Bug day participation also helps the developers and makes LSB better by reducing the backlog of bugs and patches. Plus, it's fun!
The irc channel has a bot listening which can be asked to put up a summary of the bug under consideration; anyone is free to propose a fresh bug in this way. The syntax is:
bugbot: bug lsb XXX
where XXX is the bug number. These are references to the bugs in the LSB Bugzilla. The bugbot will a brief summary as well as a clickable link to the bug.