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From the Dutch word Lølen, the term LOL (pronounced as one word, with a long "o", as in "Dude, I was lolling so hard that I fell over.") is commonly used throughout the internet as a means to show empathy, standing for 'Lots of love'. It can also mean 'I have nothing better to say'. LOL is not to be confused with lol, which is just a man with his arms raised.
<jameskf> My Mum just died :( <DriverMan> LOL <karg> LOL, that's so sad. <qfeen> LOL :( <drunk> LOL <cranyon666> Thats *really* sad LOL <eggmaster> I feel your loss <eggmaster> LoL <fust0r> LoL, Hope it wasn't a long and painful death <jameskf> Thanks Guys your the best intarweb pals i got! <drunk> We're always here for you, LOL.