The ultimate in stupidity, its is a bastardization of the word lol (laugh{ing} out loud). It is used by only the most ignorant and desperate of users. Avoid at all costs.
lol - originally meant "laughing out loud", but now is the most common expression in any text conversation, just used instead of HAHA or any giggle or something like that. Also used all the time when there's nothing else to say... LOL key should be added to a standard keyboard.
Placed by itself during a text/instant messaging session, after a comment so lame (or awkward) that you don't want to type anything longer than three letters.
Jane: hey what's up?
Dick: (insert dumb-ass phrase that doesn't merit a response here)
Jane's thought process: "Who the fuck gives a shit? However, I feel compelled to respond."
Originally defined to mean "laugh out loud" but is now so overused that no one is actually laughing when they type it. It is just something that people say when they have nothing else left to say. Often the words "hahaha" are substituted for it to give variety. People also type emoticons such as: ":]" to also fill in the space when they get tired of "laughing out loud" or not "laughing out loud". It is the most used word when texting, and one of the easiest to type in order to send a message to someone so that you don't look like your blowing them off.
Not to be confused with lol or LOL, LoL is an abbreviation of League of Legends, a Multiplayer Online Battle Arena computer game modeled after the popular Warcraft 3 scenario, Defense of the Ancients.