Beyond "Lol" beyond "Lols" even past "Lulz" is LOLZORAMA! This word is meant to be a snotty retort to some newb retard type person telling you how funny something is! It is usually said sarcastically with a scrunched up face.
Steve says:"Hey lets watch Ace Ventura Pet Detective for the Nth time, that movie is so damn funny!
Lolzo is equivalent to cry over spilt milk which i something you laughed about and regret doing so. Lolzo stands for Laugh Over Liquified zesty Oathmeal.
"Shaun really shouldn't have laughed at lisa as the same thing happened to him today..karma is a bi***"
'Well he definetley Lolzo"