An extended version of the acronym L.O.L. which expresses extreme laughter and appreciation of humor. This expression is usually only used on the internet, and is not intended for normal real conversation. Any person that uses such term in real conversation may subsequently be labeled as an asshole.
Fredrick: Hey! lol
Michael: Hi there
Fredrick: lol whats up?
Michael: not much really
Fredrick: lol cool
Michael: do you have lolers disease?
Fredrick: lol wut?
To quote the supposed copyright holder on the word:
"It does not mean anything at all other than laughing out loud. It´s just nice on the tongue to say ERS in the end!"
The word was first announced by Bloodspire on the eve-online MMORPG forums, it was the put on UD by Shinnen for immortality, he now has rights to this word
Bloodspire > ZOMG, Shinnen just put my word on UD
Shinnen > Lolers! ;)