Can be used if someone.
1 does something so stupid that, even though it pisses you off, it actually makes you laugh.
2 When someone says something funny randomly.
3 Used when someone says something that puts you in a state of shock, and laughter.
Can be considered a replacement for lolwut
guy2: what the hellol?
2 Random person: DICK NIPPLES!
you: What the hellol?
3 Girl: my balls hurt.
Guy: What the hellol?!