An extensive and more assuring phrase than the traditional lol. Translates to
Adopted after lol began to be used as a way of politely keeping up the flow of an online conversation instead of expressing sincere laughter.
Means that the person is literally, as they type the phrase, laughing out loud, usually uncontrollably.
Max0007: And then she ate it!!!
Max0007: You get it?
CindzCat: No man IARLOL! Believe me!!!