kik should be pronounced as kick in it's a abbreviated form but it is a synonym of lol so continues to be pronounced "laughing out loud" when expanded.
The origin of kik is surrounded by speculation, but it is agreed on by most experts that it was first uttered by internet legend dentist_boy, possibly in a virtual chatroom. Use of the word is thought to be spreading faster than another famous mispelling pwned (formerly owned), but the key difference here is that rather than simply being a mistake due to the position of letters on a standard QWERTY keyboard, "kik" is known to have been created for a reason, although the reason is only known to a few privileged individuals (associates of dentist_boy).
Generic FPS Player 2: kik whatever n00b
On an instant messaging program:
-=::NE0::=- : What do you call spending the afternoon with a cranky rabbit? A bad hare day.
~~<<l33tH4x0r>>~~ : kik you are too funny
-=::NE0::=- : kik i got more man...
-=::NEO::=- : Have you ever seen an elephant hiding behind a flower? That means he hids well. kik
~~<<l33tH4x0r>>~~ : kikikikikik!
~~<<l33tH4x0r>>~~ : kik
-=::NEO::=- : kik
*Can also be used in the form of a verb, meaning to contact someone through Kik.
2. Person 1: I'm so bored, brochacho
Person 2: Hit me up on Kik, fool!
3. Hey, I'm going to the store, kik me if you need anything.
Your friend will know just how hard you're laughing if you write "KIK" instead of "LOL".
Person B: KIKIKIKIKIKIKIK
Person A: WHAT THE FU- XDDD;;
Person B: I MEANT "LOLOLOLOL". > A>;;