Catalyzes the release of fatty acids from lysophospholipids. Required for survival under high osmolarity, for normal osmotic stress-induced gene expression, and for nutrient-mediated repression of sexual differentiation. a 1-acyl-sn-glycero-3-phosphocholine + H2O = a fatty acid + H(+) + sn-glycerol 3-phosphocholine Belongs to the lysophospholipase family.