No... But you can read an hundred and thirty year old news paper.
Well, you can with a dictionary, at least. I'm sure there are more than a few words in there that have been deprecated over time, and outside some timeless aphorisms that have remained with us they would probably be as indecipherable to us as "lol" would be for them. That's actually the point here: the OED now recognises "lol" as having significant enough use to warrant a definition, but that doesn't neccesarily make it a word in proper English usage - dictionaries merely record the changes in a language; they don't actually ratify them.
In any case, if someone were to write, "The man, clearly amused, gave out a mighty lol that shook the rafters," it should be possible to figure out the context regardless of the reader's epoch.
"...and then Hitler decided it would be a good idea to attack Russia, lol."
"And when Stalin saw the German army trapped at Stalingrad, he was all like 'lol, T34 ftw', and Field Marshal Paulus was all like 'wtf, T34 imba, qq...'"