Cooliol

(coolio + lol)

A word you would use to describe something that is both awesome and funny. Something "cool" and that makes you "laugh out loud".

It could be considered both an exclamation or an adjective, or, considering it's casual grammar, whatever your heart desires. It is used in texting and messaging speech in the same way as "lol", "rofl" or normal words like "sweet" or "rad" are used (not that anybody actually uses "rad" anymore). You can say it out loud too, but some might try to tell you that you're weird. I use it out loud, but that's because I'm awesome and grew up saying "coolio" so it was just natural.