1. Shorthand for Laughing out Loud or Laugh out Loud, LOL is the most commonly used chat expressions to illustrate you are laughing during a text conversation or that you found something funny. LOL is also less commonly short for Lots of Laughter and Laughing on Line and is also often substituted by LAL, LAWL (Laughing a Whole Lot), LOLZ, LUL and LULZ. Although already an abbreviation LOL is also sometimes abbreviated even more as LL.
2. Although not as common as the above definition of LOL, this term can also mean Lots of Love and may be something added at the end of an e-mail, letter, or other correspondence.
3. Short for Lots of Luck, LOL is another way of wishing someone good luck. This term could also be used sarcastically as telling someone they don't have a chance.