waol.exe is the executable file for the AOL user interface which allows you to logon to the AOL network, and the Internet.
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Non-system processes like waol.exe originate from software you installed on your system. Since most applications store data in your system's registry, it is likely that over time your registry suffers fragmentation and accumulates invalid entries which can affect your PC's performance. It is recommended that you check your registry to identify slowdown issues