Kay... if you're reading this definition, you're probably a grandma/pa who just bought an iPhone 3 for 20 dollars from a 'sweet lad' on the fucking black market, trying to learn the 'lingo' to impress your 7 year old grandchild. If that, is in fact, you, well, LOL stands for 'lots of leopards'.
Grandma (texting): *sends pic of leopards being poached*
Grandson: Wtf grandma? That's fricking depressing!
Grandma: I know, LOL! They're getting grilled!
Grandson: Grandma, what the fuck. That isn't funny, and also I don't want to eat a fucking leopard!
Grandma: Oops, autocorrect turned 'killed' to 'grilled'. And of course it's not funny!
Grandson: Oh, autocorrect. Damn. Anyway, grandma, do you know what 'lol' means?
Grandma: Lots of leopards.
Grandson: What the fu- No! It means 'laughing out loud'! Who told you it meant that?
Grandma: Urban dictionary...
Grandson: WHY ARE YOU TRUSTING URBAN DICTIONARY!?
Grandma: Well, fuck. I have to go now, bye.
Grandson: Haha, funny autocorrect gran
Grandma: What?
Grandson: Um, it says 'fuck', wasn't that autocorrect?
Grandma: Oh, no honey, that wasn't autocorrect.
Grandson has changed your contact to 'COOLEST FUCKING OLD WOMAN EVER LIKE OMFG'