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lol is basically a contraction.
it has three long forms:
1. laugh out loud
2. lots of love
3. live out loud
she laughed at me and said 'lol'
to be racist to asian people and all other races but mainly asians
you are so lol
lol is a word using your fist in a girl's asshole usually in public
when you fist someone for fun usually in public
lol I love doing it