Pronunciation of「ww」(笑い)

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In Japanese internet slang, you see people use「ww」to mean something like "lol". I was curious how this would be pronounced if read aloud. In English, I hear people say either /ɛl oʊ ɛl/ or /lɑl/ for "lol". Is there a semi-standard way to pronounce the Japanese equivalent?

Another answer indicates that the w's stand for 「笑い」. Would the pronunciation then be something like【わらいわらい】or would it be something like【ダブリューダブリュー】?

This is usually not intended to be read aloud, but the most prevailing "reading" is not わらう but わら. For example, ww is わらわら.