LOL suggested it (jokingly) for Wally's new name way back - https://community.cbr.com/showthread...=1#post2050091
Most Spanish know him as "Flash", this was only Argentina, (and even then for only a brief run in the 90s) where apparently there was already significant tabloid magazine there called "Flash" (as in a photos of stars and news "flash!") , so it was unavailable. They were just looking for a similar sounding onomatopoeia, for something going by fast (probably fwoosh would have been better LOL!) , the word is otherwise pretty meaningless in Spanish.
Unfortunately in English not so much LOL! Of course nobody assumes the rush of emotion and reddening of the face, or the poker hand, unbeknownst to them in English we all hear that one sound, and action... LOL!