to laugh in an uncontrollable manner.
fred: i locked my keys in my car, and it was 100 degrees outside.

jim: lol.

fred: all 10 tubs of ice cream that were in my trunk exploded and went everywhere, and now my car is mouldy and smells like sour milk.

jim: lololololololol
extended use of lol. “laughing out loud out loud out loud out loud out loud out loud out loud.”
guy 1: i think i ate a bug.
guy 2: lololololololol… quiet mortal!

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