1. lolz (n., pl.) - The leet plural of lol
In
leet speak,
plurals are generally denoted by a 'z' instead of an 's', so
lols becomes lolz.
2. lolz (v.) - A leet corruption of lols
Treating lol as a verb (to lol), the he/she/it conjugation of lol in the present indicative tense is 'lols', (i.e. I lol, we lol, he lols).
Using the leet practice of replacing 's' with 'z', this is corrupted to 'lolz' (I lol, we lol, he lolz)