Real Definition: "Laugh Out Loud"
Common Uses for the Word LOL on IRC
(Internet Relay Chat): "I have nothing better to say"
"I can't be bothered to read about your promotion or your new Land Rover, so i'll put this instead, lol"
"I don't care stop asking me for a reply"
"How can you expect an answer, you've won the arguement, clear off"
Person: I have just been promoted to MD of a multinational bank, recieved a flash new car, a 15 bedroom house, a model for a wife and sat here talking to you
Interlectual: LOL! :)
Person: How are you?
Person: - a quote from anything more expansive than a picture book -
Interlectual:....... LOL :)