1. Used (sarcasticly) by intertube users to point out an idiotic statement or message on forums or blogs.

2. Used genuinely by people of lower intelligence, or internet noobs.

3. Used when you read something that actually makes you laugh out loud. Lol is used when someone can not be bothered to respond, but "lolling out loud" means you are actually entertained.
"FAIL. lol out loud!!!11!!one111"

"fake. lol out loud though"

"Man, you're a funny bastard, I actually lolled out loud!"
by Luc Meredith April 23, 2008
Literally means "laugh out loud out loud." Used by the lowest level intelligence users on the internet.
"omg LIEK EMINEMME IS SOO HAWT, LOL OUT LOUD."
by Bfoster89 January 20, 2004

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