an obnoxious aim slang term used by gay fags that are too lazy to write lmao or haha so they unknowingly write "laugh out loud out loud" (lolol)
Megan123: Hey what is a retarded sentence that has the word lolol in it?
Mark456: uh idk
Megan123: Just make one up!
Mark456: I am a cross-dressing fag named Chris, lolol
Megan123: bahahahahaha ok lolol
A variation of lol. Other variations include more "ol". Used to represent lots of laughter, the more "ol", the funnier. Often looked down on by big headed people who take internet chat rooms and iRC too seriously. People often belittle those who use this and its variations because they have a superiority complex.
"lolol, how funny."
"Wow! The very same thing happened to me the other day! LOLOL!"