Yes, the meaning of a word will vary according to many factors. If a word gains a new meaning from popular use, we have to keep that in mind when we hear it. For example, I often hear the word 'literally', but the speaker's intended word meaning does not match the dictionary.
In relation to 'lame' and 'boring', I consider 'lame' to be unsatisfactory, whereas 'boring' is uninteresting.
You might assume that something uninteresting (boring) would also be unsatisfactory (lame). However, that won't always be true. Judging whether something is lame or boring is highly subjective.
A boring movie might satisfy a viewer who enjoys watching boring movies! So to that viewer, the movie is boring, but isn't lame.