An Instant Messaging term made up of two phrases, 'school' and 'lol.'
The word 'schoolol' is the answer you give on MSN or AIM when someone knows full well you've been to school yet will still ask you 'wubu2?'
Jonothan: Hi Steph, wubu2?
Stephanie: Schoolol! Idiot!
Stephanie: wtf u stoopid idiot, u jus walked me home?
Jonothan: Yeah I know but like...
Jonothan: You want some mineral water?
Stephanie: Yeah, plz!