Are You Laughing Out Loud? me too

The use of the "lol" acronym in the online community is absurd. And I'm hear to ask "what does it really mean?"
Yeah, it may sound dumb, but the jury is still out on this one. Here are a few of the current meanings:

• Lots Of Laughs
• Little Old Ladies
• Locks Of Love
• Lots Of Luck
• Loads Of Loot
• Love Of Life
• Lack Of Love
• Live On-Line
• Longitudinal Output Level
• Land O' Lakes

And the list goes on and on with less popular phrases. My theory here is that it's not an acronym at all. It's actually an ascii art typo that's been perpetuated by the unknowing. The pipe "|" was accidentally replaced with the L. Here is an example of the original:

now: lol
then: |o|

But what does it mean??? Well, the scene below should answer this mystery.

                                            

                                            

     |o|                                    

       \\            :><: =     =    |o|    

                                            

        :><:                                

                                            

                                            

Now if you're not talking about starwars, can we just go back to typing "ha ha"?