the saddest part is really the fact that "eloel" should really be pronounce (ee-low-ell) and therefore is actually even more retarded than lol itself. A "new low" so to speak.
Max: Ur mom was good in bed last night.
Blair: ur mean, eloel.
used on the internet - "HAY GUYZ I REALLY LOVE MTV EL O EL"
Texing:"LOL! Too funny... you really make me eloel!"