As is the case with the innumerable myths about dip (i.e. fiberglass, etc), this is one of those rumors that has developed over time. Keep in mind that that wiki answers post was answered by some kid behind a computer somewhere, not a reputable source. The 0-12 that was visible under the bar code of grizz tins until the late-2012 redesign was for inventory organization of the actual stickers that went around the cans when they were packaged.
Answer: LOL is one of a few common acronyms for laughter. It stands for Laughing Out Loud. You will also see variations like LOLZ (a version of LOL, ROFL (Rolling on Floor Laughing), and ROFLMAO (Rolling on Floor, Laugh My Ass Off). In the United Kingdom, PMSL is also a popular version of LOL.
According to the directive, which is meant to be shared with Christians, the classic and ubiquitous LOL acronym stands for Lucifer our lord, something the image's creator doesn't find funny at all.