New acronym meaning "I belly-laughed," or "I'm belly-laughing," depending on the tense in which it is used. IBL is intended to be used in place of LOL and should only be used when it is truly meant by the sender, in the literal sense, as LOL seems to have lost it's credibility through relentless digital repetition. Therefor I humbly present to you, "IBL."
My cousin forwarded me an internet meme, demanding the revocation of my man card; and IBL. (past tense: I belly-laughed.)
My friend suggested that I look up a sexually explicit youtube video. I replied: "I will dude. When I'm not with gamgams." He replied: "IBL" (present tense: I'm belly-laughing.)