1.- The bombarding of one person in a three way conversation with LOL, often occurs in a chat room
2.- When a group of friends LOLs together in a chat room
3.- When a nerd, geek, freak or loser has sex of any kind, (short for Loser On Line Bang)
Dude1: U sux, lol.
Dude3: He's right, lol.
Gurl: WTF?! Ah, lol!
Nerd: I'm gonna get laid 2nit!!! Yez, Ima smexy!
Dude: UR not smexy, and your gonna get LOL Banged!