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1.
An extension of the word lolololololololol. Basically meaning the same thing but takes longer to type.
John: Hey! I went to your mom's house yesterday.
Matt: Why?
John: I was bored
Matt: What did you do there?
John: I was laughing a lot, to the point my stomach was hurting.
Matt: How many lols would that be exactly?
John: About 9 or so.
Matt: Can you show me how that would look?
John: Sure, I believe it is along the lines of lololololololololol.
Matt: Thank you Johnathan.
John: You're most certainly welcome Matthew.
by Johnathon Matthews April 20, 2008
 
2.
Like lolololololololol but really annoys those superiority complex possessed elitist irc users. Please use this word as often as possible :)
19:26 -!- elitist1234 xxx@xxx.xxx has joined #elitist.egotrip
<elitist1234> Hail! I have heard that people in this channel would prefer chatting in correctly formatted standard english. Thus I decided to join your intellectual community.
<@asdfagZ> ...
<+13qwerty> lolol? :D
< elitist1234> Excuse me?
<+DudeXXXFuck> KEKEKE SPEAK AMERICAN ELITISTFAG!
< elitist1234> I humbly request a ban for those two halfwit spammers.
23:00 -!- elitist1234 was kicked from #elitist.egotrip by <asdfagZ> {reason: elitistfag is elitist lololololololololol}
by lolololfag April 21, 2008
 
3.
from the youtube comedy series (based on the game Halo 3), Arby N' the Cheif.

Instead of just 'lol' when something is funny Cheif says 'lolololololololol'
*rocket fires and hits arbiter as he jumps*
Arbiter: "Friggen' Asshole"

*At the same time as Arbiter* Cheif: "lololololololololol"
by AllaboardtheAtrain September 02, 2009
 
4.
An EXTREMELY long laugh out loud.
h3ll0 i am mastur ch33f lololololololololol
by Vennyscool911 July 12, 2011