To quote the supposed copyright holder on the word:
"It does not mean anything at all other than laughing out loud. It´s just nice on the tongue to say ERS in the end!"
The word was first announced by Bloodspire on the eve-online MMORPG forums, it was the put on UD by Shinnen for immortality, he now has rights to this word
Shinnen > Lolers! ;)
Person 2: You poor thing. lolers are the worst.
Person 1: Tell me about it. I couldn’t wait to stop talking to him.
Me: My Granny's funeral was today.
Person #1: Oh, I'm sorry.
Person #2: May she rest in peace, lol.