[arxanas]

There are two classes of play: sanctioned and unsanctioned (or tournament and casual). Among sanctioned play, there are several "formats", which define which cards can and can't be used in a deck. Black Lotus is only playable in the "Vintage" format, which is the least restricted and therefore most powerful format. Not many people play it compared to other formats, probably primarily because the cards in it are so expensive, and because not many people play the format.

You could attempt to forge a copy for play in a tournament. However, such copies are illegal in tournaments and doing this would get you banned from sanctioned tournaments [1]; pretty much the only place where people play Vintage is those tournaments. Furthermore, it's probably more likely that your cards might be examined on suspicion since there are less people and the stakes tend to be high [2]. It's also somewhat difficult to replicate well a Magic card, so you'd probably not do well at it.

In casual play, people just print out a copy of the card and put it in front of another card in a card sleeve. Oftentimes it's less high-tech: one might scribble its name on a piece of paper or just write over a worthless card. This practice is called "proxying" cards, and such a replacement is called "proxy". You could very well just proxy it and play with your friends like that. People don't use Black Lotus in casual play because it's fairly overpowered and wouldn't make for fun games. (Though if the rest of the deck is of equal card quality, and one is playing with friends with comparable deck strength, it is still done: you would just be playing unsanctioned Vintage.)

[1]: Tournaments are sanctioned by some Wizards of the Coast organization called the DCI. They maintain a banlist of players. Local game stores register their tournaments through WotC, so basically you'd be banned from all places where you could play Vintage.

[2]: I've never been to a Vintage tournament so I don't know if they check this, or if so, how, but I'm pretty sure they'd ban you if they found a forgery.