Abbreviation for "Laughing Out Loud In Real Life." It is used over the internet to express that you aren't just laughing on the internet, but in real life as well.
Kenneth: I failed my Spanish test today.
Julian: lol irl
Made up by Kevin Balolong, who used the "para" in Counter-Strike but called it the monster. He uses the monster while running, which makes his recoil worse but scares people.
Kevin: THE MONSTER! *sprays with parap*
Julian: LOL IRL
Kenneth: LOLOL