OBL

*Out Burst Laughing*
Bursting out loud at something that suddenly seems amusing.
Used more to exaggerate something more funnier than 'lol'

Example dude 1: Check out that Nyan cat link?

Example dude 2: One sec just let me open it

Example dude 2: OBL! Its a pop tart cat!

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Oblizzerating

Something that describes something intense and shocking, for a more 'youth slang' audience.

Generally if something is 'Oblizzerating' it's cool or amazing.

Example 1:
Dude 1: Check this fookin' blizzard man!
Dude 2: Woah man thats oblizzerating!

Example 2:
Dude 1: Woah man the epic scene in Star Wars Episode 3 is Oblizzerating!
Dude 2: Yeah it is oblizzerating but the movies wack on the whole OBL!