Reason for doing things with no purpose; synonymous with shits and giggles.
lols has been substituted for those who are too lazy to type the full word, giggles or for those who have spent too much time playing computer games that lol is the only term they can think of when thinking of laughter.
bob: hey, want to shit in a condom and then freeze it?
john: what for?
bob: nothing, just for shits and lols
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