When something is worthy of being laughed out loud at.
"Did you see Superbad?"
"Yeah, it was pretty funny, but not lol worthy."
lol should not be accredible at any time. however if need be used, if you hear a statement that is funny and you want to let person know that you literally laughed out loud, it is lol worthy.
Kevin: Let's have a playdate sweet pea.
Sweet Pea: That was lol worthy, what are we toddlers?