originally an abbreviation for "laughing out loud' some people still use it like this but it has been changed into an awkward convo - space filler or if you're mad at someone but don't want to show it.
"Why would you do that lol." (mad)
{hey beautiful what that mouth do} "lol" (awkward)
What did the traffic light say to the car?- Don't look now. I'm changing. "lol that's a good one" (humor)
Basically if someone tells you this they actually mean they wanna fuck all night long... :
Let's
Orgasm
Lots
It means "lots of love" according to your parents.
Person A: "My grandmother passed away yesterday, I feel so downcast!"
Person B: "LOL"
Person A: "I should have never befriended you."