It is an evolved interpretation of the term LOL.
Unlike LOL, it possess an amazing feature of Vocal Integration. It can be used freely in normal speech.
Pronounced as : "LOL-AXE"
"He Knifed him from behind!!! He didn't even notice!!! LOLAX!!"
Somewhere else (In Speech) :
A: *Laughs* Look at that guy! His fake beard fell off in the middle of the show!
D: LOLAX! Totally!