Symbolises laughter, the letter is often repeated to underline the intensity of laughs (ыыыы…). The letter is sometimes used as a short form for the English acronym lol (laughing out loud), as it looks quite similar.
Как можно клиенту рассказывать про настройку DNS зоны когда в аськином статусе у него написанно «ЙА СКАЗОЧНЫЙ ДОЛБАЁП ыыыы»?
How can you explain DNS zone settings to a client when his ICQ status is “I’m a fabulous moron lol”?
(bash.org.ru, 05/2007)