1: LOL could be an abbreviation for "Laugh(ing) Out Loud"
People will say it on websites such as YouTube, Facebook, Twitter, a lot of people say lol in texting, too. So it is a reaction to seeing something funny.
2: It could mean Lots Of Love for people that aren't familiar with it.
3: League Of Legends
1: Guy 1: Hey dude, look at this cat video
Guy 2: LOL
2: Person 1: I just got a Gecko
Person 2: Cool. They are very social animals. Be sure to give them LOL.
3: Guy: LOL is the best website ever!
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