It mean Laugh out Loud, but I say it mean Live out Loud.
I like your definition!
Now when people say "lol" when texting...they have nothing else to say! They also say it when its not even funny! "whats up?" "watching tv. lol" watchin tv is not funny! hahahah
Despite saying that it was not funny, you just laughed.
o hai i h3rd joo wer complane about teh english
Jeez, I can't even type that badly on purpose. I don't know how people do it.
Must be a skill. Don't complain though, gud grammarz will make you more money and reputation, get you more jobs, etc. than various mutilated grammarz usage.