A happy laugh out loud, either because of your extreme joy at a situation, a lot of fortunate turns of events leading to happiness. Can be used ironically.
Alex: I just pre-ordered black ops, HALOL.
Caitlin: HALOL, the funniest thing just happened at church!
Caitlin: HALOL, the funniest thing just happened at church!
by CATHY&WHOPPA November 05, 2010