So, do you pronounce LOL as a word, or do you say "el oh el"?

Anyway, it's very Babelfish-y telephone-game, since "LOL" is an attempt to describe a real world action in a text only environment. I'm just waiting for you to tell your boss, "me/ rolls eyes".

Ellowel? Or Lowell?

You have to say it as a single word. As in Loll - Rhymes with Grassy Knoll.
Best said with a slight upwards inflection at the end of the word.

"LOL" is an attempt to describe a real world action
It was, but it has progressed past that and has connotations and an independent life of its own now. Saying LOL (rhymes with "wall" for me, probably thanks to this), weird as it may be, can communicate some pretty specific things, concisely, and you don't necessarily do it in the same places you'd actually laugh (any more than you're honestly laughing out loud many times when you type it). I have avoided incorporating it into my own speaking so far, thanks, but I can see why it happens.

Paging pieisexactlythree!

I want to know you do that strike-through thing...

I pronounce it "Lawl" but only in my head.

gettoffmylawn: using strike and /strike or s and /s. And use the pointy bracket thingies.

I want to make stencils and spray-paint internet-speak on the sidewalks. LOL, IIRC, IMHO, BRB. you get the idea.

ROFL NEWB

Just kidding. I like "orz". You can say it out loud but it actually represents when you're so upset you get on your knees and put your head on the ground, which is how the letters look. I think that's really funny. I think I only say "orz" and "LOL" out loud.

noob back atcha halonine.
orz