I think LOL has evolved into more of a figurative expression than a literal one. To me, it is a form of approval- telling the viewers that I think that something was funny or that I've posted something in the context of humor/satire and it's not to be taken seriously- sort of a code. When I really laugh out loud, I am more apt to go w/ ROTFLMAO, although that, also, is a misnomer, because I rarely find myself rolling on the floor laughing. However, I use the smileys differently and like them because on the humor scale, there are 5 or so distinctions. Smile = happy/feeling good or made me smile
:D Big Smile = A little more so Laugh = Grin and chuckle
:lol: LOL! = a laugh or noise of some sorts escaped my lips
:hehe: Hehe = more of a subtle, inside joke ie hehe, funny, you get it?
I "lol...." when I am smiling in an embarassed way.
I "lol" when I dont laugh in real life, but laugh in the heart.
I "LOL!" when I laugh in heart, and real life.
I "LOOOOOOOOOOOOOOOOOOOOOOOOL" when I laugh so hard that I ran out of breath!