The phonetic spelling of the term lol when mispronounced. Used to mock the incorrect pronunciation of lol by non internet savvy people in real life. Lol is pronounced as a single word lol and not as l.o.l
used in real life - "I was on aim and told stacie I fucking hate Brian Jk El o EL."
used on the internet - "HAY GUYZ I REALLY LOVE MTV EL O EL"
another way of saying lol. Used by people who feel they have a need to be different than everyone else, and feel they are above the heads of those who use "lol"
the saddest part is really the fact that "eloel" should really be pronounce (ee-low-ell) and therefore is actually even more retarded than lol itself. A "new low" so to speak.
Blair: Hey max how's it going?
Max: Ur mom was good in bed last night.
Blair: ur mean, eloel.
Used in messaging and speech to get the point across that you are actually saying the letters L.O.L. and not meaning "You make me laugh".
Saying aloud: "*Laughter* Too funny... you really make me eloel!"
Texing:"LOL! Too funny... you really make me eloel!"