:lolwut

The :lolwut smiley face, used in the shoutbawx for leet kicks.

Meaning "What?", but usually said to mean comedic indifference to whatever was said. Also, if you don't care what was being said. Useful if you are in a place you shouldn't be.

Prounounced as "lawl wut", with no pause between words.

Term used in forums (generally gaming forums) to reply in one word to a post that either is far off topic, makes no sense at all, or is just plain stupid. The side effect of this is that the thread remains off-topic.

when someone is so confused in a situation they find it funny.

Meaning: "What?" in a more comedic way.
The term could be used in several different ways.
Such as when you don't understand something or when somebody says something extremely random.

What? as in:

A term used to replace "What?", however in a much more lulzy way. It usually is used when a person has disbelief for how nonsensical, ignorant, arrogant, or nonsensically funny a statement made by another person was. To sum it up, as others have already mentioned, it is used for comedic indifference.

Never forget, "What?" is an inexcusable statment, one cannot state that such question, as everyone knows the reason behind others' words and actions. It's all for teh lulz. So, in turn, lolwut is an excusable term as it concurs with the previous fact and is very lulzy in its own way. Not to mention that lolwut is comedic not serious, although "What?" can be unserious/funny, it still should not be used.