A word that used to mean either 'Laugh out Loud' or 'Laughing out loud', but is now so over used people tend to type it automatically, just to look like they are paying attention to what the other person is saying.
Like when you say a word over and over and it looses its meaning; that's basically what has happened here. It can be used almost anywhere as a sentance filler.
Person 1: Nice day today.
Person 2: Lol.
Person 1: Uhg, my boyfriend dumped me today. Then, after I almost got killed by a car, I fell downstairs and broke my leg.
Person 2: Omg lol XD
Person 1: Wanna go to town later?
Person 2: Lol sure.
Person 1: Hi how are you.
Person 2: Fine, you
Person 1: Ok. Whats up.
Person 2: Nm, you
Person 1: Nm. Lol
Person 2: lol
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