Is "LOL" the new Sike?

Okay I'll admit it. I rather text than pick up the phone. I'll also email or send a message on FB because sometimes I just don't want to talk people. The fallout is much of my language has been reduced to acronyms such as BRB, TTLY, ETC!!! The other day I was sexting someone when they wrote, "so are you going to let me slap that a$#? LOL"! I let that slide because he added, LOL, which I use a lot and I also have a sense of humor. A couple days later I got a friend request on Facebook from someone back home who I hadn't seen in a while. The included a message, "Oh, I see you on FB, so you think your the s%$t now? LOL!" That got me wondering. If someone types "LOL" at the end of a diss does that cancel out the intended insult? So that means I won't get fired if I email my boss and tell him he's a "slimey MOFO, LOL"!? Or, I can reply to evites: "No, I can't come to your party because your mad corny, your crew is lame, so why would I want to be there? LOL!" Or, when a guy texts me for a date (yes they do that now), I can reply back, "Not if you wear those Mom jeans again. LOL!" I guess LOL is the equivalent of your auntie putting everyone's business on blast at the family reunion, as long as she added, "bless their heart"? "Oh, you know she's leaving her husband because he can't keep it in his pants and he gave her one of those dreadful diseases that caused her to blister and puss, bless her heart?" Like my grandmother always said at the middle of the joke, there's a little bit of the truth.