A corruption of lolololololol (which stands for laughing out laughing out laughing out laughing out laughing out laughing out loud). However, users of lulululululul prefer to speak in permacapz.
"What do you get when you cut a dead baby in half? ... An erection!"
"LULULULULULUL ERECSHUN, GOOD ONE LULZ"
"LULULULULULUL ERECSHUN, GOOD ONE LULZ"
by lisaxsaur August 16, 2007