Here, Newsweek has a guide to 4chan trolling for you.
Another troll explained the lulz as a quasi-thermodynamic exchange between the sensitive and the cruel: “You look for someone who is full of it, a real blowhard. Then you exploit their insecurities to get an insane amount of drama, laughs and lulz. Rules would be simple: 1. Do whatever it takes to get lulz. 2. Make sure the lulz is widely distributed. This will allow for more lulz to be made. 3. The game is never over until all the lulz have been had.”