A lesser version of "lol." It means you found something entertaining, and/or amusing, but not enough to create an actaul laugh, chuckle or chortle. Allows the person your chatting with to know that you find them entertaining, but that you are in fact, not laughing at them :)
Person 1: "Man... I saw this little oompa-loompa today... and she was hawt!"
Person 2: "Lawlz..."
Person 1: "I know!"
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