See lol. A form of "LOL", but horribly misspelled. Typically used by kids trying to be clever with their friend in making variations of lol. All are guilty of using this phrase once in their internet life. Origin is unknown, but it is a good bet it spawned from the illiterate 13 year olds playing counter-strike.
Illiterate 13 y/o #1: LIEK OMFG I SO PWNED HIM WHILE I WAS EATING DENNY'S AND PLAYING QAUKE 3 (Quake 3)!!!!!!
Illiterate 13 y/o #2: LOWLZ LIEK GRAND SLAM, NOT TEH MEAL!!!