LOL(also written as lol in other languages) is a common term which is catagorised under "internet slang" The term is widely known around the world, and the term has even speard to the extent where people say it face to face. It is an expression of "Laugh out loud, Laughing out loud, Loads of laughter" The term lol is less frequently known as "loads of love, lots of love or Lots of luck"
over 90% of the time, people aren't really laughing when the term lol is used, although LOL written out as capitals, has greater chance of the person laughing.
Variations on the term are as follows:
lal or lawl: The pronounciation of lol, phonetically correct.
Lolz: Frequently used in place of lol
lulz: Is frequently used being a corruption of lol.
mdr: A French expression of "lol", initials stand for "Mort de rire" translates to "Dying of laughter"
555: Is the thailand variation, 5 is pronounced as "ha" in Thai, therefore 555 would be "hahaha"
asg: Sweedish abbreviation of the term asgrav, meaning Intensive Laughter.
Kek: Founded from the popular online game known as World Of Warcraft, it's the hordes translation to lol.
kik: An easily made typo of the term lol, understandable from most people, as the "O" is directly above the "L" and the "K" is next to the "L" with the "I" directly above the "K"
The word lol is also used when the distrubuter of the word doesn't have anything to say in response, therefore he will use the term lol, hoping the other guy will elaborate on what he said, or change the topic all together.
That joke was just lol.