1. The same as lol. Used to express amusement or as a sarcastic comment.
2. A mocking term for Super Smash Bros. Brawl. The term was coined amongst HCSSB Melee players who think Brawl is inferior to Melee. There's presumably also some bitterness involved since Brawl, which is said to have a lower learning curve, was made for everyone and not only the fighting game fans.