"lawl" is the vocalization of the acronym "LOL", but it is effectively its own acronym. lawl := "laughing at worthy lulz", "luxurious amounts of wild lulziness"
In rare circumstances, "lawl" is a contraction of "lacking an awl", meaning that your textual conferrer, had he an awl handy, actually would intend to poke your eye out with it.
Person 1: "i herd a rumor on the internetz.. that u tried 2 acronymize lawl?"
Person 2: "yz liek srsly"
Person 1: "dude wtf lawl"