Used to express laughter, often in a sarcastic fashion. (interjection)
Examples of word lolz
Sarah Palin hacker trial provides 'lolz' courtesy of 4chan founder
Comic Sans must be eradicated from this earth - God, how I hate its forced matey jokiness, the typographical equivalent of using a smiley face or writing 'lolz' at the end of a sentence.
JVoltage Finally taught my phone the word "lolz", proudest moment all day, given that I am watching sports and debating ordering my textbooks at last
* On the map display, the word 'lolz' can be made out near one of the markers.
Twitter instantly became the everyman blogging tool because you could twitter from your phone, without even having to master the English language (i.e. i can has lolz?) and, perhaps more importantly, without having to know what XML-RPC was.