This word is basically the pronounciation of the AOL instant messanger slang "lol" which means "laugh out loud" but it is much more than that.
Popularized by PurePwnage's very own Jeremy (the pwnerer), people now use the word "lawl" in every day speech. The more a's in the word, the funnier it is.
"Look at that total n00b wearing highwaters, lawl!"
"hahaha, girls are making fun of him and he's running away, laaaawl!!"
"Oh my God, he got hit by a truck and he's either dead or gonna be a vegatable for the rest of his life, laaaaaaaaaaaawl!!!!"
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