Literally the middle child of Lol and Lmao except it means "Laugh out loud my ass off."
Tom: Sup man, have you hear about the new game Naruto Booty Storm Blaze?
Jerry: Nah fam, is it that ninja shit?
Tom: Yeah bro, you can suck big dick on there fam
Jerry: Lolmao
Tom: Thats a fucking lame ass "lol" and "lmao"
Jerry: Sorry man
Tom: No, get outta her before I jump your ass.