The term has aged poorly, comparable to the way MLG has. Trolling (because no one could have known this!) used to refer to intelligent toying with others to incite rage. However, creativity has waned and now the word is known by basically anyone with an internet connection. Monkey see, monkey do.
This has been a public service announcement.
XXPWNFAICTROLLOLOLOXX: lol newfag
Player 2: True, but you did see those two boosters and the noob with the pro kill/death ratio, right?
Player 1: Yeah. I've already reported all three trolls to the game developer (and the console's moderators).
Troll can also be used as a noun one who performs the act of trolling.
Trollee: With all due respect, that is impossible, by the time you close the box, the light would escape. If you could close the box faster than 186,000MPH, the glass would definitely shatter due air friction itself.
Troll: You know nothing about fisiks. Have you ever tryed it?
Trollee: Look here you moron, learn how to spell first then come to my lab and I'll show you exactly why your hypothesis is invalid.
If you see a troll, proceed with caution, or you may get trolled. When you fail to recognize one and make conctact with it, you are already getting trolled.