Literally translates to "I am laughing because I just now remembered that butts exist," but meaning depends on usage- can be an insult, a compliment, an observation or a question.
Frank: "Hey, I just joined a frat."
Paul: "lol butts"

Shawna: "Do you like my new haircut?"
Paul: "lol butts"

Paul: "lol butts"
Steve: "I agree."

Paul: "lol butts"
Steve: "No, we lost it a few weeks ago."
by Gus November 11, 2004
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Catchphrase used in discussion boards to dismiss petty arguments and posters with an inflated ego, or just to remember people that the internets are not to be taken too seriously.

Generally used as a conclusion, or as the only contents of the post.
"You have offended me. I will have my lawyer make your ISP subpoena you then sue this websight!!"
"lol internet"
by lol internet February 13, 2006
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Lols that are very funny, as in not just a normal chat "lol" but lols that make you go lol.
Hey martha, you coming out for funny lols tonight?

Ellie, make sure you funny lol me later.
by big_bad_bizzle June 2, 2011
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The lol given in a text or IM in response to a message that's not funny, but requires a response to be courteous. Like the "courtesy laugh" in conversation.
"Her text was confusing.... so I gave a courtesy lol."
by k samuel March 1, 2010
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Me: Hey
lol whore: Hi lol
Me:...
lol whore: LOL
Me: um, how'd you go on that final exam?
lol whore: i failed it miserably lol.

lol whore: Heyyy! lol.
Me: hello.
lol whore: haha lol, what did you do today?
Me: My grandmother's funeral.
lol whore: oh ok...lol

Someone who lolz for no reason at all.
by caitie b September 10, 2008
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It's where the funny pp goes in the confined human skin hole.
by Thecancermeme November 11, 2020
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A folder on someones computer containing:

a) the photos of a person you know released of their own accord but not with the intention of going in said folder
b) candid photographs of someone you know

the owner of the folder presumably masturbates to the content
Friend: did you see sarah's new bikini pics from her holiday?
dirty pervert: yeah, that's going straight in my LOL folder
by LOLFolder November 14, 2015
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