I've seen some people in Japanese writing the emoticon "orlF". For example:
And I really want to know what it means... xDD. Please help~ ^^'
broccoli forest pretty much answered it in the comments. The sentence example provided also is fairly self explanatory. It's "or" and "if" not separated by a space (and for some reason the "I" is a lower case "L"). The "or" really doesn't need to be there.
"If" by it itself is a common term used in parody short story writing, though I think it's still slang). It means in English "alternate universe", "parallel universe", "What-if world". "If" stories can include the introduction of new characters, different events occurring, characters surviving where they originally died, and characters swapping genders.
Sometimes the Japanese equivalent 「もしも」 is used. Also, it's commonly attached to other words to indicate it's referring to an alternate universe as opposed to the original story: IFストーリー、IFの世界, etc.