LULZ is a corruption of L-O-L which stands for laugh out loud. often used by the internet gang of hackers on steroids known as anonymous. anonymous gets big lulz from pulling random pranks but for truly epic lulz anonymous does raids and invasions.
ass: i am gunna sue
anon: oh lawd a lolsuit
anon: his ip adress is xxxxxxxxxx
ass: take that down now
anon: epic lulz