O.L.O.L. means outrageously laughing out loud. Used when something is so funny you laugh so loud it sounds stupid or annoys people; or used to desrcibe when someone is laughing so uneccessarily loud you just want to hit them.
Adam Sandler & Jack Nickolson in the movie Anger Management: I feel pretty! Oh so pretty. I feel pretty and witty and gaaayyyy!
Person watching the movie: OLOL
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W.T.F.S.M. means What the fucking shitting monkies. Used when something is just too outrageous to say Wtf to, and also makes you angry.
Boyfriend: Omg. Why do you complain so much. Just shut up already. Damn.
Crazy Girlfriend: Oh hell naw! You did not just tell me to shut up. I'm gonna have to cut you!
Boyfriend: Wtfsm?!