Anglicized spelling of the Polish word for "wow" (ÅaÅ).
1. When used in English, it gives the impression of a surprised laugh. Like saying the words "lol" and "wow" at the same time. In this case it's pronounced "Lahl".
2. More rarely, it simply means "wow" like it does in Polish. It's mainly only written like this if one does not have access to a Polish keyboard. It should be pronounced "wow".
Ex 1: Man, Angela got dumped?! Lal............ >_> I knew that would happen.
Ex 2: Lal! The weather's really cold today.
An alternate way of spelling "lol". Since it's origin is based on the "lawl" pronounciation, you pronounce it that way, too.
Lal, you're so funny :3