Noun.
Plural for common e-abbreviation LOL: "I am laughing out loud" ("Laughs" that I have made/am making out-loud).
Thus LULZ is "Multiple laughs, had out-loud". (I am having/have had) Laughs (made) Out-Loud".
Used in the precisely the same sense of the noun "laughs" as plural of a single laugh.
This is as opposed to the second/third person singular of the verb "to laugh" (i.e. "you/he/she/it laughs).
As with "We did it for the laughs (out loud).": "We did it for the LULZ."
Or "I went on the Tea Party website for (the) LULZ."
Note that placing the article "the" in front of LULZ is optional.
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