In leet speak, plurals are generally denoted by a 'z' instead of an 's', so lols becomes lolz.
2. lolz (v.) - A leet corruption of lols
Treating lol as a verb (to lol), the he/she/it conjugation of lol in the present indicative tense is 'lols', (i.e. I lol, we lol, he lols).
Using the leet practice of replacing 's' with 'z', this is corrupted to 'lolz' (I lol, we lol, he lolz)
2a. "N af7r 7h47 he lolz r33lly h4rd"
2b. "And after that he lolz really hard"
but the second meaning is the mostly used abbreviation which is "loving orange Latino zebras"
Guy: ow I just stood on Lego!!!
Guy 2: lolz u idiot
Guy 2: who dosnt?
friend 2: ohh yesss lolz