It really is called LOL, as in lol. Apparently, Agetec's DS game is "a unique, free-form gaming experience," and "LOL’s motto says it best: 'If the game is boring, then you are boring.'"
“We decided not to include a single-player mode in the game because that would defeat the purpose. This game was created to be a social game that allows you interact on and off Nintendo DS with your friends,” said producer Mark Johnson. “LOL concentrates on the comedic joy of using the imagination of everyone in the room.”
God knows if it's coming out in Europe. You can read more about LOL here. Be sure to wear your corset before you hit the link.