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lol butts 

Literally translates to "I am laughing because I just now remembered that butts exist," but meaning depends on usage- can be an insult, a compliment, an observation or a question.
Frank: "Hey, I just joined a frat."
Paul: "lol butts"

Shawna: "Do you like my new haircut?"
Paul: "lol butts"

Paul: "lol butts"
Steve: "I agree."

Paul: "lol butts"
Steve: "No, we lost it a few weeks ago."
lol butts by Gus November 10, 2004
Related Words

lolbutsrs 

A compressed version of "laugh out loud but serious".

It can be used to acknowledge an amusing element and then assert a level of importance and earnestness regarding the subject of discussion.

In other words, it is the equivalent of "I find that amusing however my question or statement was genuine".
Jed: "How hard is it to pass that maths exam?"

Nick: "I'm hard right now."

Jed: "lolbutsrs."

Nick: "Oh. Er... Yeah it's alright I guess..."