‎”lol” has not replaced the full stop, the sentence before it should actually be funny. It can be used to insult someone without it hitting home too much like “I hate your guts and want you in pain lolz” or “Your a creep and make me feel uneasy double lol”
I heard two stupid girls and one said “lol” to her pal, actually said it but didn’t laugh out loud. I wanted to say something or throw something at her.