How do you use "lol"?

I’m curious, because when I use “lol”, I mostly mean the Dutch word, which means something like “fun”. Thinking “laugh out loud” also seems strange to me because sticking “laugh out loud” at the end of a sentence doesn’t make it “flow”.

So I guess my question is: do you read “laugh out loud” when you see “lol”?

I’ve never used to many quotes in a question, LOL ^.^

OK, that was too lame…