It's original definition was "Laughing out loud" (also written occasionally as "Lots of Laughs"), used as a brief acronym to denote great amusement in chat conversations.
Now, it is overused to the point where nobody laughs out loud when they say it.
The list of its meanings includes, but is not limited to:
1) "I have nothing worthwhile to contribute to this conversation."
2) "I'm too lazy to read what you just wrote so I'm typing something useless in hopes that you'll think I'm still paying attention."
3) "Your statement lacks even the vaguest trace of humor but I'll pretend I'm amused."
4) "This is a pointless acronym I'm sticking in my sentence just because it's become so engraved into my mind that when chatting, I MUST use the meaningless sentence-filler 'lol.'"
That's all from urban dictionary, clearly someone else is having similar feelings about the term 'lol' to me. I think that it is overused andit is becoming meaningless. It's also very bland really, laugh out loud is such an obvious statement. I vote it gets changed to 'APOL' which will stand for A Paroxysm Of Laughter. It's a bit more intelligent and will hopefully lead to people properly communicating their emotions through a variety of examples of the English language. It's going to be a transitional thing looking forward to a time of better vocabulary. The spirit of the English language came to me in a dream, it wants me to avenge its death. Onwards I go!