Yes I do but there aren't many alternatives. It's hard to convey via typed words that one is merely joking and that seems to me to be the most common usage of it.
Definitely overused! It's beginning to grind my gears.
Consider the following example:
"well lets c here i'm 16 lol. i lyk lotsa dif kinds of music but mostly mcr, they r so hot lol nething but country rofl. im a cat person an im totez obsesed wit twilight lol!!!!.if u wanna add me plz msg me 1st no stalkers lol. bye now"
What can you gather about this person? Three things, if you are astute: first, they have had sixteen years to master their native language and still show no signs of ever managing to do it. Second, their taste in music and literature is horrible. Third, they are apparently seized with uncontrollable fits of laughter when discussing the most depressingly mundane details of their existence.