Wheezing Out Loud, an exaggerated form of Laughing Out Loud (LOL). Originated from the blogging platform Tumblr. Occasional weirdos will claim that this stands for What Out Loud. Ignore them, they will eat you.
Person 1: "Bromaster Fluffy is the funniest nickname in the universe!"
Person 2: "WOL WOL WOL WOL!"