An extreme form of lulz, which itself is an descendant form of lols.
It is normally used in fairly morbid situations.
Andres: Did you hear about Max?
Julio: No, what happened?
Andres: So he was on his Piaggio doing over 10 on the freeway, when an enraged moose started racing him. He was winning when he ran out of fuel. This caused him to be thrown under the fuel tanker behind him. A massive explosion resulted and the only part found of him was his left testicle. His bike and the moose were unharmed though.