Shit my pants laughing. Used instead of 'lol' or 'lawl' because both are overused and makes it look as if you don't care. Also, it's a great substitute for 'lmao' and 'rofl'. Often used when something is so funny it's hard to breathe.
Milton: Yo, we should get Seb to come play basketball with us.
Kat: Didn't you hear? Seb is grounded for a month 'cause he didn't wear socks in his house.
Jenni: Damn, that sucks....I like stealing his hat.