What does lol mean?

Help me please...I have been ashamed to admit to anyone that I don't know what 'lol' means! It's now got to the stage where I am afraid to ask the person including it in their text or email. I have been hiding my disgrace on this matter so I am coming clean, as I have puzzled over it for a long time. I have only just worked out what btw means, well I think I have! So can someone please give me a definition?

I have been mulling over the use of web 2.0 in a business context, how can it help my business to allow Joe Public to have control over the content of my website? I know many people are concerned about this, in business and other contexts for example politics or the workplace. I see it like this, if I want to sell to someone, I need to strike up a conversation with them. And if my business has a web presence, how can it be a conversation with them if they cannot reply?

Many people worry about the nature of web 2.0, whether it can be controlled or not. That's the scary part for people, will a disgruntled customer be able to post their complaints, will they be truthful or accurate? Firstly, as I banged on about before, if you have a great relationship with your customers complaints should be rare. If they feel comfortable in their relationship with you, they will take it directly to you, because they trust you to sort it out. Secondly, if you do get something inaccurate or worse, the customers you have a good relationship with will react to this , and your detractor will be in the minority. In fact, maybe this is the best way for issues to be resolved. You will look good and you won't have lifted a finger or paid anyone to do it for you!

BTW (!) who says that anything I post here is accurate or truthful, that's web 2.0! People power...or is that Puppy Power http://en.wikipedia.org/wiki/Scrappy-Doo

If you want a really good example of what web 2.0 is really about follow this link

http://www.youtube.com/watch?v=xFAWR6hzZek

Enjoy! But don't forget, lol- what does it mean?