This is the "cool" version of LOL. It has the same meaning as the original LOL but it sounds cuter when you say it out loud ;)
Picked it up from some guy in our WoW ventrilo, and now I've seen other ppl use it aswell.
when you're holding up your phone and making faces at it, as though you are taking a selfie, but you're really taking a picture of the person across from you or the wall or anything else that seems interesting but you don't want to be caught dead taking a picture of.
This action is often made more convincing by wiggling the eyebrows or opening the mouth, to pretend you're trying to get a Snapchat filter to work.