Newsflash: language changes over time.
That's true, it does indeed change over time, but changes aren't always for the better, and when those changes mean that someone can actually say "lol" in real life while that person's words are still taken seriously, I'd say it's an example of change that is NOT for the better.
I dislike lol and such other nonsense internet non-words, and if they can't just vanish entirely from our vocabularly, they should at least be confined to the chat messages of teenagers too lazy to actually spell out proper words, not migrate into language that's actually acceptable in any sort of serious context.
The way I see it, LOL is not really that odd or surprising. If you can pronounce it, it can be a word. What's so odd about it? That it's an acronym? What do people think "ASAP" is?
Incidentally, I don't recall ever once saying ASAP in my life, though I've said what it stands for many times. I've never said what laser is short for, on the other hand, but the truth is, I don't know what it stands for, and even if I did, I doubt other people would know what I'm talking about if I said it. On the other hand, if lol ever achieves such a status, I will feel sorry for the people who speak it without even knowing the "word's" true nature.