Literally Laugh out Loud
As opposed to it's lesser brother the "lol," which is just a frivolous expression used to indicate a nod to humor, "LLOL" is what one says when they actually laugh out loud at something, indicating to their conversational partner that what they said actually made them "laugh out loud."
Jenny: "Omg, that movie was so funny, lol."
Britney: "Yeah, but the other day, I saw Jeff spill his drink on Casey's brand new dress! THAT made me LLOL."
Jenny: "LLOL!"
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