Extreme leet spelling of lol, Lol, LoL, l0l, or any other form of the typical acronym for 'Laughing out Loud'. Often used by h4xers or people of 1337. Most popular in video game chat or lingo.
1337h4xer: Hey how do you aim with the sniper?
User437: you press and hold L1, why?
1337h4xer: oh, because ive got bord of noscoping noobs.
1337h4xer: 707, 1 pw|\| 411 n00B§