Basically an all purpose term for anything
ranging from mildly humerous, to raging hysterical.
The term used to be strictly
an acronym for Laughing
Out Loud, but it now means "I think that's funny" ALthough
it used to be strictly
confined to the internet, it has evolved into a word
pronounced "lawl" and is sometimes spelled so.
Lol has gained many variations
I.E Lol, lul, lulz, loled, lawl, lolz, lols, luls, Lawlz, Lawlz etc.
It is only twenty
years away from being in Merriam Websters dictionary