Stands for “Laugh Out Loud” or “Lots of Love” but no one reads it like those, usually pronounced la-uhl “lawl”, Most of the time it is a tasteless and overused response to a statement, question, or response. Sometimes put at the end of a sentence to make it condescending or sarcastic
Guy 1: “dude stop saying that ur being so racist”
Guy 2: “no lol”
Guy 1: “dude my mom just fell down the stairs”
Guy 2: “lol that sucks”