first, opening (BrE)
final, last
victory
I skated a victory lap around the rink.

fast (esp. BrE)
The fastest lap was completed at 208 mph.

complete, do, finish, take
He took a quick lap around the empty rink.

race, run, swim (AmE)
He was swimming laps in the pool.

record (BrE)
He set a new lap record.

pool (AmE)
an indoor heated lap pool

on the … lap
He tripped and fell on the final lap.

a lap of honour/honor
The winner did a lap of honour/honor.

gently, softly

against
The waves lapped gently against the side of the ship.

around
The water lapped around his ankles.

at
The waves lapped at his feet.

over
The freezing water lapped over her boots.

Lap is used with these nouns as the subject:
water, wave

Lap is used with these nouns as the object:
shore