[12-6-2012]
Updated Build 1 and should still be fairly reliable.
Added a Season 3 build but it has yet to be adequately tested. Seems it might be a high cost.

[11-26-2012]
Redesigned the shown build for the build I typically use as opposed to suggested variants

[10-23-2012]
Added further commentary at the end as I've had more experience with this build.
Tweaked the Item build order (suggestion really)

If you're looking for a great guide on how to play Lulu, this isn't the place. There are plenty of other good guides that can do that better than I so I'm not going to waste my time with it. What this IS about is merely a build I decided to toy with to see if it would be decent and surprisingly it was.

You will be squishy and probably a little slow. That's ok, just farm and harass. Your staying power will help with that so long as you don't spam your abilities, you are AD so act like it.

I basically used what I commonly use in my AP setups. This gives good damage with abilities (and Pix) early game with the armor to keep you alive a little longer to make your getaway.

For the Spells, I went with Flash for those over-the-wall/skill-shot getaways. Grabbed Clarity because she is so easy to spam your spells with, and it's sometimes necessary if you're needing to run. that extra mana injection will give you the edge in running from and pursuing your targets. or turning the tables and spamming your abilities allowing you to get the kill instead of the other way around. (it's happened to me with lulu more often than I care to admit)

This is basically a spin off of the Lulu AD model. While most use that for jungling, this is more for those that want to play AD Lulu, but didn't get jungle called in time. Just be clear to your team mates that you aren't really playing as support. They'll see that Clarity and expect it out of you, but be firm in the matter. You abilities are innately Support in nature, but they'll help yourself survive in the early and mid game.

Hit your Glitterlance first and max it first, grab Help, Pix! and max second. Whimsy at level 3 and max last. Simple as that.

Basic plan is to build up a shred style Lulu. Luckily, this goes well with Attack Speed Lulu as much of what she uses is under that tab. Start with boots and some Health Potions and quickly build Mobility Boots (Berserker Grieves if you don't mind being a little slower) followed by Nashor's Tooth. This will give you your longer lane sustainability with better mana regen as well as the attack speed and CDR. Next go for Malady for the hefty Attack Speed and magic shred (this will help with Pix hitting a little harder. Follow through with your heavy hit item, The Black Cleaver for your armor shred and additional attack speed. Grab your Madred's Bloodrazor for cutting through those high health champs while tearing down their armor and magic resist at the same time. A trifecta of doom. Finish off, if you can, with a Frozen Mallet to keep them from fleeing.

[substitutions]
If you're having a tougher time, try grabbing a Guardian Angel instead of the Frozen Mallet. You could try a Wit's End in place of the Bloodrazor if they don't have a tanky team or build going. Rylai's Crystal Scepter would be the alternative to the Frozen Mallet if you wish to go more AP.

Short and sweet, right?
Tell me how it works out for you. but don't be voting without a comment, I want feed back to make this better and a reason for the ups and downs given.

[update 10-23-12] I've now played this a number of times and have had good results every time. Between the AS and shred, she farms like crazy, her team fight power is great too. shredding with basic attack and comboing with everyone else, she keeps the survivability of the team going while managing a few kills herself. I highly suggest keeping blue buff on as much as possible but red buff is beneficial too (which is why I think her jungling capabilities are decent if a little slow compared to more mainstream junglers.)

[update 11-26-2012] Still playing her and tweaked the general build used. She's still quite the power house and have had many compliments of her "machine gunning" capabilities. Surely a sight to behold.

[update 12-6-2012] Preseason is kicking my butt. I'm still rebalancing the build to accommodate all the new stuff and tweaks.