What does LOL mean?
Laughing out Loud
Other definitions of LOL:
- Laugh out loud
- lol out loud
- When something online makes you laugh IRL (in real life)
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How to use the term LOL:
lol you are such an idiot.
She lol'ed when she saw that meme
More slang terms:

LRQTMS
laughing really quietly to myself

GAS
Greetings and Salutations

OOL
Out Of Luck

DLTCU
Don't let them catch you