W.T.F.S.M. means What the fucking shitting monkies. Used when something is just too outrageous to say Wtf to, and also makes you angry.
Boyfriend: Omg. Why do you complain so much. Just shut up already. Damn.
Crazy Girlfriend: Oh hell naw! You did not just tell me to shut up. I'm gonna have to cut you!
O.L.O.L. means outrageously laughing out loud. Used when something is so funny you laugh so loud it sounds stupid or annoys people; or used to desrcibe when someone is laughing so uneccessarily loud you just want to hit them.
Adam Sandler & Jack Nickolson in the movie Anger Management: I feel pretty! Oh so pretty. I feel pretty and witty and gaaayyyy!
Person watching the movie: OLOL