An acronynm (similar to Laugh out
loud) meaning 'Laughs at you'.
It can also mean 'you are
lame' due to the connotation of
the word and the fact that backwards it is UAL.
jimmy: today i ran 5 dungeons on WoW but realized i forgot to eat
anything today...
ted: Lau. WoW is
lame making you, subsequently,
lame.