It is also expressed as roflcopter (roffel-copter) and all other ways.
But a much more simple way to express laughter through abbreviation is the most common lol (laugh out loud), which can also be transformed into a word to give it it's own character i.e. lollerskates (lowler-skates).
Another common abbreviation of an internet laugh, would be lmao(laughing my ass off) or if you're obesse: lmfao (laughing my fat ass off) which is pronounced something like... limmmmfahhhhooooo.
Unfortunetly I do not know any examples of exaggerated lmao's (limmaahhhoos [go easy on the I]).
LoL... yeah, it is Big Red. I was bored this one time in Texas, and we all know Texas is too damn hot, so I went to purchase a refreshing beverage from a vending machine at my uncles work (which by the way only cost me a dollar opposed to $1.25 in vending machines out here in Calli and $1.fuckin'50 in the larger corporate stores like Albertson's, damn corporate world, $1.50 for 20 fluid ounces of some damn soda..!), only to be proposed by my choice of beverage the opportunity to "Describe the taste and win!". Unfortunately, after spending half the day composing this short piece and upon entering my description online, I found out that it wasn't truly a contest, but rather more of a sweepstakes, and with my typical run of luck, I didn't win the sweepstakes. Well, at least I probably made a few people at the Big Red company scratch their heads trying to figure out how that was a description of their drink... Ehh, I had fun though...
