Stacked, 54 bytes
('"One more ' ' and I''m out"')*'LUL'join'^.|.$'εrepl
Try it here! Example usage of "function":
1
('"One more ' ' and I''m out"')*'LUL'join'^.|.$'εrepl
out
One for 56 bytes:
@n'One more LUL and I''m out':@o['LUL' '"'o'"'+ +repl]n*