From the internet term Lol, meaning Laugh out loud, originally coined by Windows user comes the brand new take on an existing term by Apple.
The iLol, related in origin to Lol but much, much better.
Linked with Roifl and "Putting an 'i' in front of absolutely everything!"
Andrew: Hey Jon, did you see Megan's new facebook status?
Jon: No, wait. iLol! What a whore.