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Lo (Laughing out) was created as a consequence of Bloodlust80 forgetting to add the extra L in LoL. However since then, it has taken off as a legitimate phrase on the Internetz

Example of usage

person 1: I once said something crazy

person 2: Lo

Person 1: What are you doing right now?

Person 2: Browsing reddit

Person 1: Lo

"This is a funny article Lo"