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abbreviation for "Laughint Out Loud", just one of the many abbreviations commonly used around the web and text messages, see the following for reference...
FTW - for the win
OMG - oh my god
GTG - got to go
BRB - be right back
IMO - in my opinion
AFK - away from keyboard
-L8r - later
g2g - got to go
ASAP - as soon as possible
FYI - for your information
there are literally hundreds if not thousands, remember a language is an ever evolving organism so, it simply adapts and evolves to meet the needs of its users.