Treatinglol 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)
1. "That was sooo funny! lolz!!"
2a. "N af7r 7h47 he lolz r33lly h4rd"
2b. "And after that he lolz really hard"