Something that isn't funny enough that you would laugh at it in real life, but is funny on the internet because you've just spent 30 minutes looking through inside jokes and other things that are NOT funny. lolling in Real Life is only acceptable for something that is internet funny.
Octocat is only internet funny
Things that are only funny because of someone else's pain are internet funny
4chan is internet funny
lolcats are sometimes real funny, but mostly internet funny
"Dude then I got totally gypped of all my money!"
"Why are you laughing at my pain?!"
"I'm LOLLING at your pain. You see, its an important distinction."