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It is a smiley known as the "Itachi smiley" because of the lines beside the underscore which is the mouth. It is also commonly used by rabid Itachi fans.
Other Itachi smileys include the entire selection of anime smileys just with / \ beside the mouth.
itachi_lovr101: omg, i watched a new episode of naruto today and Itachi-kun was in it! ^/_\^
me: .....i hear Itachi kills the rabid fans who use his face as an internet smiley
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An emoticon used by furries, more specifically, reptilian- or dragon-furs. Based on the common anime smile, ^_^. The double-dots indicate the nostrils of the creature, which are more pronounced on dragons than most other anthropomorphs.
A: ^..^
B: *hugs the dragon*
^..^ by The Urban Scribe August 29, 2005
A cute little internet face. The people who use it include, though are certainly -not- limited to, anime fans, furries, fan boys, fan girls, and azns. It's fun to use during conversations & informal roleplays.

Common variations include: ^-^, ^.^ and ^..^
"Yay! I just won the federal election! ^_^" or "I hate you. ^_^"
^-^ by Raewyn June 24, 2004
The smiley of a 'blushing' face. Used to indicate that the user is blushing.
This 'blushing smiley' indicates happiness or excitment afiliated with love, or somthing that makes one happy.
Guy: I love you~!

Girl: Really? Yay~!! ^//^
^//^ by Courage808 January 13, 2009
A variation on the rather typical emoticon ^_^ based of of japanese cartooning, it is used to show a cheerful embarrassment: A sweat on the side of face.
1
Faggot: Tee-hee! I have elmo underwear!

politeOtaku:ok ^_^;

2
Person: I shoved my foot up his ass and then it got stuck...^_^;
Person2: Poop must have been all over your shoes ^_^;
^_^; by fook April 13, 2005
This is generally a flirtatious signal. Meant to represent cuteness, delight and innocence. It is saying "I can see you are/this is delicious. rar."
^ ^ by meowshi November 29, 2006
no example needed.
(^_^)
(*)(*)
(^_^) by (^_^) March 31, 2005