The Lake of Fire is, or rather, was, a real place. Namely Gehenna, as in the Valley of..., a perpetually burning pit were trash and criminals and animal carcasses were burned. It's a suburban development in Israel now, its fires long gone. However, some question if the site was ever really used for even that, as there's not exactly that much in terms of remains to verify that story.
Revelations also states only 144,000 Sainted Chosen (those are Jews, btw) plus a handful of Gentiles will enter the Pearly Gates. There's about 190,000 abortions daily worldwide today, and 8 billion people alive now, for a little perspective on that teeny number.