lqwlz is another form, and uglier mutation of the classic and common acronym, LOL, laugh out loud. Lol has followed a rather stange path in its mutations: lol->lols->lul (also luls, lulz)->lawl(also lawls, lawlz)->lqwlz
lqwlz first apeared on gaiaonline.com by a user named "Janitorious". Janitorious has since been deactivated, and started various other accounts, which commonly drop "lqwlz" to signify their loyalty to Janitorious.
Outside of this atmosphere, it is rarely seen, though the "lqwl" mutation has been seen across myspace.com
Usually used as a response to something moderatly funny.
"Frodo failed, Bush has the ring! D:"