The act of laughing out loud.
SNL has me Lolzing last night.
When that kid unknowingly brought up The 7th Floor Crew at the table where Kyle, who was in the middle of the 7th floor crew scandal, Kristen 2 started lolzing.
the act of repeatedly commenting 'lol, lols, lolz' or any other variations on other's facebook status.
I was bored, so I started lolzing on facebook.