This is nothing to LOL about!
Factually, it is a place (real or otherwise) that is used to scare (or inspire, but I'd say it's the former) people into doing what is "right". Whether it exists or not is irrelevant, but that's what it is originally. That's assuming you're talking about "Hell", "hell" is simply a word that is used for the sake of swearing, it may not have been created for that purpose.
Now, my personal interpretation of Hell is the world we live in now. I don't believe that the Christian Hell exists, but as a concept it is quite useful. Granted, I still enjoy life, but I'd say that our world, as it stands, fits whatever subjective description that "Hell" appeals to.