A ridiculous mis-spelling of "lol", which has caught on in both the virtual and real world.
There is great speculation as to what the "P" stands for, but nobody actually knows, and they never will.
A distinctive LOL, but nicer sounding and can be heard from 500m away. Invented by Reenz.
Reenz and Tigger were 'strodinary drunk, and Tigger bounced high up into the air and landed on his head, Reenz LOPLed. "Tiggers are 'strodinary bad bouncers when pished", Tigger sighed. Reenz had another LOPL.