A derivative of lol. The term lolle is used in spoken form, providing a liquidflow to the conversation. Much easier to use than the spoken lol (el-o-el).
Friend1: Man she pwned you!
Friend2: *pointing* haha lolle
Dude: "Oh man did you see that guy smash his face on that wall? classic..."
Other dude: "yeah i did. Loller skates."
Nubcake: "LOLLERSKATES GO FAST DOWNHILL!!1!"