1. Often used as an alternate spelling of lol. Mainly used by hipsters and rebels, however snotty 12 year-old's also like to spam this as well.
2. The true meaning unknown to the world is Laughing Alone While Losing. Used when 'lol' & 'LOL'don't emphasize the loneliness enough.
Kyle: I just butt fkd your mom!
Zachary: Lawlð