Lol, Virginia - that is weird, I had to leave messages, and the codes in different languages are not often the same; all the more that not everybody knew about the latest codes by then.
So, I had to stick to a "clear" language and, if using abbreviations or codes, check and indicate their meaning - a rather laborious matter - lol. As to the Little Old (or Young) Lady, I am neither sure, as most of us are still living in a rather sexist environment.
I thought, like T(h)ink, that LOL meant Lots (or Loads) of Luck - at least the first time I saw this, because it was not in a really funny message, but then, I noticed that it had to do something with laughing ...