Ummm...No! It's a word (Albeit and abbreviation to begin with), get over it. That's like saying "I'm tired of reading the letter e, it's so overused, more than any other letter. Everyone should STOP using the letter e because it annoys me and has lost all meaning." Which simply isn't true. Lol still has meaning, just because it's overused doesn't mean it's lost all meaning, just like the letter e. Better example: If I were to start using your name in every single sentence, would you say it's lost all meaning? Not if I'm using it correctly in most sentences. There are very few people who say lol when they're not even laughing on the inside, and very few people lol irl because it's kinda strange to laugh to a minor joke when you're all alone. But lol has meaning: It is used to signify humor. If you find something kinda funny, you're allowed to lol. Faster than haha, and it gives the one behind the humor a sense of accomplishment. If you never laughed at anything you felt was funny, and the rest of the world did the same, nobody would continue making jokes because there'd be no satisfaction (Well, the people who make lame jokes would still make jokes, and you'd have to consider yourself responsible for that). So, to summarize, lol stands for "I found that amusing." Go get annoyed by rappers who constantly abuse the English language instead of attempting to out a word which wouldn't even annoy you if you gave it more than a moment's thought.
Why are people so obsessed with these small details when wars are going on as we speak. Go feed a homeless man instead of attacking an accepted part of internet/text talk. Do something useful with your life. Do something useful for me, too...