A slang term for lol, as in:

Basically you're 'laughing out loud', but then you remember you dropped your keys or the joke was actually a proposition.
Laugh
Out
Lou-FUCK!

Laugh Out Loud and Fart.

laughing out loud films!

This is an expression used in place of 'lol' because saying lol is tacky. It stands for Laugh Out Loud Floor's Hairy Arse Rabbits Riding In Scooters.