The proper English spelling of lol (laugh out loud). As often is the case, the US spelling drops the 'u'. It is estimated that over a lifetime, an average person can save a total of 3.78 mins by using the US spellings. To the English, this is just another example of the famed US Accountancy approach to life.
US buddy: lol - that is so funny - way cool, man
UK friend: I think you'll find that's 'loul'
US buddy: (in Dick Van Dyke Cock-er-ney accent) Do me a favor