It's the acronym for Oh My LOL
Player1: hey, pay or die
Player2: OMLOL! ok neewbie i kill you, lolololo xDDXDXD
player !1: soz, i r joke
wtlol?, meaning "what the lol?" is a becoming a commonly used word in some mmorpgs,
since lol has been verbed, meaning it has also become a verb, people around the globe have started using this expression
player 1: h3y n00bz whut r u doin?
player 5: Oml0l, y r ther 3 ded ppls on d gr0undz?
player 4: WTLOL?!?!?!?!, y is 7h3y all with no headz?
player 0: OMZ, you guyz r like lolz, you dont c i kill them?