What does lol mean?

In Dutch lol means fun, but i haven't heard the word lately, most likely since the english lol has replaced it with us.
Re: all your base are belong to us

[video=youtube;8fvTxv46ano]Youtube clip of original "All your base" song[/video]

This is the original video that started the internet meme. Action starts at about the 30 second mark.

Thanks to my Facebook friend who shared it. ;)