Please, Bdol, never - ever - use it! As "laughing out loud", the texting abbreviation �LOL' is generally agreed to stand for "laughing out loud"...ie it is something one is supposedly doing now. It is surely virtually never true! Yes, you may indeed have laughed out loud a short time ago, as you read the amusing item, but - now that you have got around to typing a response - it is extremely doubtful that you are still "laughing out loud".
Perhaps we need some new abbreviations such as ILOL for "I laughed out loud" or MMLOL for "Made me laugh out loud".
Much text messaging is just pure laziness in any case, but this one is particularly meaningless. Please...please...make it a no-no.