the term lol (meaning laugh out loud) with a chain of 'ol' at the end of it to express extra laughing or just to emphasize the hilariosity of the matter you are laughing at.
to laugh at someone's failure, a combination of the acronym LOL (Laugh Out Loud) and fail, which is often used in forums (epic fail). In essence, its showing that you think that someones failure is humorous. They may decide to punch you.
lolwaitwhat is the sequence of believingsomething is funny in a chat and then immediately realizing it is offending or more thought is needed about the subject.