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(LOL) stands for League of Legends and/or stands for Laugh out loud!
Person #1: Do you play LOL?
Person #2: Nah... that games sh*t!
lol means laugh out loud (almost everyone knows that tho)
Person 1: "(says something funny)"
Person 2: "lol"
Lol is a skip for the sentence "laugh out loud" or "laughing out loud" a lot of people use it in chats in daily life well mainly in Internet chatting that's basically where people started using it it just expresses the "XD" face as it means that a thing made the person laugh and almost die of laughing
A : Can I sit next to you?
B : No, Lol
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A : My friend died yesterday.
B : Ok. Lol