ROFL, LOL, LMAO, and OMG all combined into one VERY wrong word.
This is used by (or, more commonly, when mocking) extremely FUCKED UP people. Often AOL users who visit teenage chat rooms from ages 8-12 and pretend to be cool.
Phrases you may also hear from this type of people in:
"18/f/big boobs, wanna cyber?"
"U sound hawt want 2 meet irl??????"
"I know, like, totally."
"HI ALL I M NEW WANT TO GIVE ME ALL UR STUFF?"
"OOOOH HOW DO I GET THAT?"
"WOW UR HIGH LEVEL I WANNA B LIKE U"
On the street:
<That is all they can say, because if they say anything else, they'll be shot by sensible people and end up saying just that.