The gayest possible variation of "lol". Sad little unfunny children attempt to use this as a means of "being different from the crowd" when it only makes them look like complete and utter faglords. Anyone normal human being who has any respect for themselves would do right to stay away from this acronym forever.
Kid A: Hurr durr Is got swag.
Kid B: Liek Top LeL xD :^) :3!!?!?